Australian airport operator MAp has completed a transaction to increase its stake in Sydney airport and dispose of its other interests.
The company said that it has concluded an asset swap agreement with Ontario Teachers' Pension Plan Board, allowing it to buy the latter's 11.02% direct and indirect stake in Sydney airport.
This has increased MAp's stake in Australia's largest air hub to almost 85%. As part of the deal, MAp divested its stake in Brussels and Copenhagen airports and received a cash payment of around Australian dollars (A$) 791 million ($811 million).
By the end of the year, MAp plans to change its name to Sydney Airport as part of its "simplification" process. Becoming a sole airport operator would fundamentally change its business, the company said in a statement in September.
"While the second half of 2011 is likely to be impacted by the ongoing challenging macro environment, we are positive about the long-term outlook and will be focusing on a number of initiatives to improve Sydney Airport's operational efficiency and unlock its significant growth potential," MAp added then.
These include helping airlines to grow their business in Sydney, increasing the airport's service and efficiency, and increasing passenger choices.
"In the longer term, we will ensure Sydney is well-positioned to take advantage of aviation structural trends, including new larger and quieter aircraft, and low-cost carriers to capitalise on expected growth, particularly from Asian markets," MAp said.
Source: Air Transport Intelligence news
