AUSTRALASIA. Auckland International Airport Limited announced today that it plans to sell its 24.6% stake in North Queensland Airports (NQA) to existing investors for A$370 million (US$295 million).
NQA operates Cairns and Mackay airports in Queensland, Australia. Auckland Airport bought the stake in January 2010 for around NZ$166 million (around US$123 million at the time)..
All existing NQA investors are entitled to purchase their pro rata share of Auckland Airport’s interest. Two of them, Perron Investments and The Infrastructure Fund, have already agreed that they will accept up to the entire offer comprising all Auckland Airport’s interest.
Auckland Airport Chief Executive, Adrian Littlewood said: “Following the completion of our strategic review in August 2017, we have undertaken discussions with both existing investors and third parties regarding a potential purchase of our interest in NQA. After an extensive process, we are very pleased to have reached a position that will result in a sale of our entire interest and that two existing and experienced infrastructure investors have agreed to support NQA in the next stage of its development.
“The sale will enable Auckland Airport to focus attention on growing its New Zealand travel, trade and tourism businesses and to recycle the proceeds into supporting the significant step up in aeronautical investment at Auckland Airport over the next five years that we recently announced along with our aeronautical charges for FY18 to FY22.”
The sale will be subject to securing necessary regulatory and counterparty approvals (if any).
