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MAP in Talks With Ontario Teachers’ on Asset Swap Proposal

MAp Group said it has entered into exclusive talks with the Ontario Teachers’ Pension Plan Board on a swap of assets owned by the two groups.

Under the proposal, MAp would sell its non-controlling interests in Brussels Airport and Copenhagen Airport in exchange for Ontario Teachers’ 11.02 percent interest in Sydney Airport and a cash payment of A$850 million ($899 million), the Sydney-based company said today in a statement to the Australian stock exchange. The deal would take MAp’s stake in Sydney Airport to 85 percent, it said.

The swap proposal from the Canadian pension fund is non-binding and highly conditional and there is no certainty the transaction will proceed, MAp said.

MAp shares climbed 3.4 percent to A$3.39 as of 12:31 a.m. in Sydney.

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