Auckland International Airport Ltd has put a price of $A370 million on its 24.6% stake in North Queensland Airports Pty Ltd and will offer the lot to the other 3 shareholders of the private company.
Auckland Airport chief executive Adrian Littlewood said today: “The sale will enable Auckland Airport to focus attention on growing its New Zealand travel, trade & tourism businesses and to recycle the proceeds into supporting the significant step up in aeronautical investment at Auckland Airport over the next 5 years, that we recently announced along with our aeronautical charges for financial years 2018-22.”
The sale will be subject only to securing necessary regulatory & counterparty approvals (if any) and completed in accordance with the requirements of the North Queensland Airports securityholders agreement.
Auckland Airport said all 3 other shareholders were entitled to buy pro rate shares of the Auckland interest, but 2 – The Infrastructure Fund (which has 20%) & Perron Investments Pty Ltd (5%) – have said they’re prepared to take the whole Auckland 24.6%.
IIF Cairns Mackay Investment Ltd, an entity advised by JP Morgan Asset Management, owns 50% and hasn’t signalled its interest yet. After a strategic review last August, Auckland Airport also undertook discussions with third parties.
Attribution: Auckland Airport release, North Queensland Airports website.