Allens acts for MAp on asset swap, restructure
7 October 2011
Allens Arthur Robinson (Allens) has advised MAp Airports Limited (MAp) on its asset swap with the Ontario Teachers Pension Plan (OTPP), which was completed on 7 October.
As announced on 21 July, Allens acted as Australian legal counsel for MAp when the leading private airport owner exchanged its interests in Brussels and Copenhagen airports for OTPP's interests in Sydney Airport, and a balancing payment of approximately A$790 million.
The deal provides MAp with an 85 per cent interest in Sydney Airport, where it will now focus its attention.
Consequently, MAp has determined that its current structure, which includes an offshore company and two boards overseeing operations, is no longer appropriate.
As recently announced, MAp proposes to undertake a scheme to remove its Bermudian company from the listed stapled group. That transaction, if approved, would see around $1.5 billion transferred to investors.
Partner Susan Burns, who is teaming with Partners Stuart McCulloch and Julian Donnan, said that the restructure creates an opportunity for MAp and Allens to work closely together on another significant transaction.
'We're very pleased to have advised MAp on its strategic asset swap and we are delighted to follow that up with an opportunity to assist MAp by advising on an optimal structure for its business going forward,' Ms Burns said.
| Allens legal team | Stuart McCulloch (Partner – Sydney), Susan Burns (Partner – Sydney), Julian Donnan (Partner – Sydney), Caitlin Gill (Senior Associate – Sydney), Alex Borda (Senior Associate – Sydney), Georgina Perry (Senior Associate – Sydney), Jonathan Dillon (Lawyer – Sydney) |
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Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.