Macquarie Airports may get more of Sydney Airport
Macquarie Airports Limited may end up owning more of Sydney Airport under an asset-swap proposal from the big Ontario Teachers’ Pension Plan Board (OTPP).
Macquarie Airports has informed the Australian Securities Exchange (ASX) that it has entered into exclusive negotiations following receipt of a non-binding highly conditional asset swap proposal from OTPP involving the potential sale of Macquarie Airport’s non-controlling interests in Brussels Airport and Copenhagen Airports.
It said that, in return, OTPP was prepared to exchange its 11.02 per cent interest in Sydney Airport and a net cash payment of $850 million.
The ASX announcement said the proposal was subject to due diligence and that, should it proceed, Macquarie Airports expected to pursue appropriate simplification of its structure to reflect its sole focus on the resulting interest of up to 85 per cent in Sydney Airport.
However, the announcement said there was no certainty that an agreement would be reached.
AUTHOR
Mike Taylor
Recommended for you
With UBS Asset Management chief executive, Alison Telfer, set to join Schroders, the firm has appointed a company veteran as her interim successor.
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
