MAp buys additional 3% stake in Brussels Airport

Following the exercise of a put option, the investment group formerly known as Macquarie Airports has increased its interest from 36% to 39%. MAp will pay €46m in cash for the additional stake.

MAp, the Australian airport investment group, has acquired an additional 3 percent stake in Brussels Airport from Macquarie Global Infrastructure Fund II, increasing its overall stake in the business from 36 percent to 39 percent.

Brussels Airport: more
MAp ownership

The deal arose due to a put option triggered as a result of a management internalisation deal struck earlier this year by which MAp ended its management agreement with Macquarie Group, the owner of Macquarie Global Infrastructure Fund II. Financial close is expected by 31 December 2009. 

The €46.3 million consideration for the deal – which MAp will pay in cash – was arrived at following a valuation exercise undertaken by Ernst & Young Transaction Advisory Services. Both parties to the deal agreed to appoint the firm as an independent valuer to determine the fair market value of the stake.

Ernst & Young determined the fair market value of 100 percent of Brussels Airport was €1.59 billion. It then applied a discount of 2.5 percent (based on MAp’s 30 June 2009 valuation) “in order to reflect the minority nature of the interest and consequent lack of governance rights”.

Under its former name of Macquarie Airports, MAp led a consortium of Macquarie Group investors which acquired a 70 percent stake in Brussels Airport for €735 million in November 2004.

In November 2009, MAp launched a new share offer which was subscribed to the tune of A$670 million. This was nearly twice the A$356 million it was seeking to raise. Proceeds of the offer were used to make a $A345 million cash payment to Macquarie Group as a severance payment for terminating its management agreement.

In addition to Brussels Airport, MAp owns stakes in Sydney, Copenhagen and Bristol (UK) airports, as well as ASUR Airport in Cancun, Mexico.