It has been one of the hot stocks in recent weeks, surging from around $3.00 in June to be currently trading at $3.40.
MAP announced yesterday that it has completed its asset swap with the Ontario Teachers’ Pension Plan (OTTP).
The deal was revealed last month, but the finer details have now been settled.
Under the deal MAP will acquire OTPP’s 11.02% stake in MAP’s Sydney Airport, taking MAP’s ownership level in its key asset to 85%.
In exchange, MAP is handing OTTP its stakes in the Brussels and Copenhagen airports.
OTTP will also pay MAP approximately $791 million.
The deal will see MAP focus purely on its Sydney airport asset, reducing its exposure to the struggling European market. It will also simplify the company’s corporate structure.
MAP will also be cashed up after the deal and expects to make a return of capital or special dividend of around 80 cents to distribute the surplus proceeds from the OTPP.
The airport manager also gave distribution guidance of 21 cents per security for 2011 and 2012.