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Completion of the recommended tender offer for Kobenhavns Lufthavne A/S

15-Dec-2005

COPENHAGEN (Macquarie Airports) - Macquarie Airports (MAp) today announced that its Tender Offer for the shares of Kobenhavns Lufthavne A/S (Copenhagen Airports or CPH) has become unconditional and will be completed.

On 24 October 2005, MAp announced a conditional public tender offer (Tender Offer) through its subsidiary Macquarie Airports Copenhagen (MAp Copenhagen) for the acquisition of all the issued shares and voting rights in Copenhagen Airports. The cash Tender Offer was unanimously recommended by the Board of Directors of CPH.

Macquarie Airports CEO, Ms Kerrie Mather, said "MAp has secured its position as the majority shareholder in Copenhagen Airports with more than 52% of the shares. Given the decision of the Danish State to retain its 39.2% interest in CPH, this result indicates strong support from CPH investors for the MAp Tender Offer.

"The acquisition of Copenhagen Airports provides MAp with a controlling stake in one of Europe's best airports. The stake has been acquired at a highly attractive price with an historic enterprise value to EBITDA multiple of 10.3x2, which compares very favourably with recent transactions, and is yield accretive to MAp," Ms Mather said.

"Copenhagen Airport is the major hub airport serving a strong catchment area in Denmark and southern Sweden via the ¯resund Bridge that connects the two countries by road. The airport already has the capacity to handle significant passenger growth and potential to further expand its commercial and property-related businesses. Since our offer was announced in October, traffic at Copenhagen has continued to grow strongly and the Danish Government has announced the removal of the Danish Government Passenger Charge which is expected to stimulate further growth in new airline services.

"Copenhagen Airports is an outstanding investment and we look forward to working with the airport's management team to maximise future growth. A comprehensive integration plan has been developed to ensure CPH is swiftly integrated into MAp. Copenhagen Airports is now MAp's third largest asset, and accounts for approximately 15% of the value of MAp's investment portfolio," Ms Mather said.

Macquarie Airports is a CAPA Member. For more information on the Centre for Asia Pacific Aviation's membership service, please click the icon below.

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