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Macquarie Airports sells interest in Bristol Airport

16-Sep-2009 9:46 AM

Australia's Macquarie Airports (MAp) announced (16-Sep-2009) that it has agreed to divest its 35.5% interest in Bristol Airport to Ontario Teachers’ Pension Plan (OTPP) for GBP128 million. The sale price represents a 12.7% discount to MAp’s 30-Jun-09 valuation of Bristol Airport and an historic EV/EBITDA multiple above 20x. MAp will also acquire a further 3.9% interest in Copenhagen Airports from OTPP, bringing its interest in Copenhagen Airports to 30.8%. The proposed consideration is EUR76.6 million. The transaction is subject to a number of conditions including European Union anti-trust clearance. Completion is anticipated before year end. [more]