Unravelling MAp's airport strategy

Australian airports operator MAp has advised it has entered into exclusive negotiations following receipt of a non-binding, highly conditional Asset Swap Proposal (ASP) from Ontario Teachers’ Pension Plan Board (OTPP). The Proposal involves the potential sale of MAp’s non-controlling interests in Brussels Airport and Copenhagen Airports in exchange for OTPP’s 11.02% interest in Sydney Airport and a net cash payment of AUD850 million. [1259 words]

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This report contains the following subheadings:

• Arrivederci Roma
• Two airport holdings figure in OTPP’s top investments
• 100% MAp ownership at Sydney on the cards
• Any interested buyers are likely to go direct
• HTAC investors cannot force an outcome until April 2013
• AIX will likely only get a read through valuation indicator

This report contains the following charts and tables:

• Forecasts and ratios - MAp