MAp completes spin-out

The airport investor has completed its breakaway from the Macquarie group, which will see it pay its former parent A$345m funded through a share issue. As part of its dash for independence MAp has rebranded and adopted a new constitution.

MAp, formerly known as Macquarie Airports, has completed the internalisation of its management structure, spinning off from former parent company Macquarie Group.

Brussels Airport:
part of MAp's
portfolio

In a filing to the Australian Securities Exchange, MAp said following the completion of the internalisation it has carried out a number of changes, including the appointment of directors and the adoption of a new constitution. Earlier this week the company launched its new brand replacing the Macquarie name with MAp.

The airports investor’s shareholders approved the breakaway at a meeting last month. The transaction will see MAp pay Macquarie A$345 million (€209 million; $304 million) to sever ties with its former parent and cancel future performance fees.

MAp is to finance the internalisation through a 1-11 rights issue at a price of A$2.30 per stapled security. Prior to approving the internalisation proposal, MAp had received a rival management buyout proposal led by led by Australian Football League chairman Mike Fitzpatrick, which proposed hiring Fitzpatrick’s team to manage the company at a maximum annual fee of A$45 million. MAp subsequently rejected the bid.

Since Map’s listing in 2002 is has paid Macquarie Group over A$547 million in management fees.

Today MAp’s shares closed at A$2.85, unchanged from yesterday’s price.