Macquarie Airports (MAp) confirms that it will sell its entire 14.9% stake in Japan Airport Terminals (JAT).
The deal, originally announced in May, was conducted under JAT's off-market tender buy-back for 22% of its shares. Proceeds from the 14.9% stake sale will create approximate gross sale proceeds of A$260 million ($211 million), says MAp.
This amount includes the benefit of previously entered hedging arrangements. MAp expects to receive the funds in early August.
JAT operates the passenger terminals at Tokyo's Haneda airport. Haneda is primarily a domestic airport, but it has started to take international flights.
MAp reportedly faced pressure from the Japanese Government, which has been considering implementing foreign ownership restrictions on Japanese airport operators.
"The external environment has changed significantly since we made the investment and, given the size of our interest, we will not be able to have the opportunity to apply our active management," said MAp CEO Kerrie Mather in May.
Source: Air Transport Intelligence news
