Macquarie Airports (MAp) has done a deal with the Ontario Teachers' Pension Plan to sell its stake in Bristol Airport and buy an additional 3.9% stake in Copenhagen Airports.
The 35.5% stake in Bristol Airport will be sold to the pension fund for £128 million ($211 million). MAp will buy an additional 3.9% stake in Copenhagen airport for DKr570 million ($112 million) from the fund, increasing its total stake to 30.8%.
MAp CEO Kerrie Mather says they are selling the Bristol stake because they "feel that our investors are better served by deploying our resources elsewhere".
"As a result of the two transactions, MAp will receive a net cash inflow of approximately A$120 million ($104 million), bringing MAp's cash reserves to approximately A$900 million and providing further enhancement to MAp's capital flexibility," she adds.
Source: Air Transport Intelligence news