Canada's PSP Investments sells stake in Sydney Airport

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Canada's PSP Investments sells stake in Sydney Airport

Canada's Public Sector Pension Investment Board (PSP Investment), through UBS, has sold its remaining stake in Sydney Airport.

The A$405.8 million (US$287.7 million) transaction has been executed by UBS, which offloaded 71.7 million securities, at a price of A$5.66 per share. The bank was the sole lead manager and underwriter on the deal.

Specifically, PSP Investment has sold a 3.2 % stake in the airport. According to sources, superannuation fund Unisuper has acquired a large amount of these shares.

In March this year, PSP announced that it sold 40 million shares to Unisuper for A$212 million (US$150.3 million). UniSuper  increased its stake to 14% with this deal, and is currently the largest shareholder.

Sydney Airport is a three runways international airport located 8 km south of the city center. It is the only major airport serving Sydney, and is the busiest airport in Australia. Currently 46 domestic and 43 international destinations are served to Sydney directly.

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