ATP, Macquarie and Ontario Teachers’ Pension Plan announce Copenhagen Airports transaction

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ATP, Macquarie and Ontario Teachers’ Pension Plan announce Copenhagen Airports transaction

Arbejdsmarkedets Tillægspension (ATP), Macquarie Infrastructure and Real Assets (MIRA) and Ontario Teachers’ Pension Plan have announce the signing of a transaction that will change the ultimate shareholding of Copenhagen Airports A/S (CPH).

By announcement of 23 May 2017, Macquarie Infrastructure and Real Assets (Europe) Limited on behalf of Macquarie European Infrastructure Fund III (MEIF3) informed CPH that it would undertake a strategic review of MEIF3’s investment in CPH.

Following this announcement, MEIF3 offered for sale its securities in Kastrup Airport Parents ApS (KAP), a holding company which indirectly holds a 57.7% ownership in CPH, to Ontario Teachers’. Today Ontario Teachers’ has exercised its preemptive right to acquire MEIF3’s stake in KAP.

Ontario Teachers’ has partnered with Danish pension plan ATP which will provide the financing to fully fund the transaction which is valued at approximately DKK 9.8 billion (US$1.6 billion) (such amount subject to change depending on the completion date of the transaction). Completion of the transaction is expected to occur during Q4 2017. As a result of the transaction, ATP will become a direct shareholder in KAP and, together with Ontario Teachers’, the two will hold an indirect ownership of 57.7% of CPH.

Christian Hyldahl, Chief Executive Officer, ATP Group, said:

“ATP is now becoming a significant investor in Copenhagen Airports. The airport in Copenhagen is key infrastructure in Denmark and we are proud to be one of its stewards going forward. We are keen to work together with all stakeholders to further develop the airport and contribute to its long-term continuation as a critical transportation hub in northern Europe to the benefit of both the Danish society as well as the members in ATP.”

Martin Stanley, Global Head of MIRA, stated:

“Macquarie is proud of the investments and focus that have contributed to making Copenhagen Airport one of the largest and best connected airports in Northern Europe. In the period of our 12 year ownership Copenhagen Airport invested over DKK 10 billion and it now has both state of the art and low cost terminals, the largest international route network in the Nordics and excellent transport links across Denmark and Southern Sweden. The airport is powerfully positioned, with the support of its new shareholder in ATP, to continue to grow and provide choice, competition and convenience as well as make a significant economic contribution to the Danish economy”

The Chairman of CPH’s Board of Directors, Lars Nørby Johansen, issues the following statement:

“On behalf of CPH, I would like to welcome ATP as new shareholders in Copenhagen Airports A/S. We look forward to building a strong working relationship with them, and the other shareholders in the airport, including Ontario Teachers Pension Plan (OTPP) and the Danish State - for the benefit of the airport and Danish society. I would like to thank Macquarie for the good and successful collaboration over the last many years. We look forward to continue to build on CPH as one of the key Northern European hub airports in this new partnership.” 

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