Ontario Teachers’ wants to swap assets with MAp Airports

The Canadian pension intends to swap its 11% stake in Sydney Airport plus a cash payment of A$850m for MAp Airport's minority stakes in Brussels and Copenhagen airports. The exchange would leave MAp with 85% of Sydney Airport.

Canadian pension Ontario Teachers’ Pension Plan Board (OTPP) is proposing to acquire MAp Airports (MAp) stakes in Brussels and Copenhagen airports through an asset swap scheme, MAp told the Australian Stock Exchange.

The asset swap proposal would see MAp sell its non-controlling stakes in the two European airports to OTPP in exchange for the pension’s 11 percent stake in Sydney Airport plus a cash payment of A$850 million (€630 million; $900 million). MAp currently owns 74 percent of Sydney Airport, 39 percent of Brussels Airport and 30.8 percent of Copenhagen Airport.

If MAp accepts the asset exchange it would own 85 percent of Sydney Airport and “pursue appropriate simplification of its structure to reflect its sole” ownership of the Australian airport. MAp said it is conducting due diligence on the proposal and will make a further announcement in the future.

MAp is listed on the Australian Stock Exchange and had a market capitalisation of A$5.8 billion as at 31 December 2010, the company says on its website. Approximately 70 million passengers use MAp’s airports each year, the website also stated.