Auckland International Airport Finds Buyers for Australian Airport Stake
By Ben Collins
WELLINGTON, New Zealand--Auckland International Airport (AIA.NZ) will sell its quarter stake in an airport in regional Australia to existing investors for 370 million Australian dollars (US$295 million) following a review.
Two existing stakeholders, Perron Investments and The Infrastructure Fund, have already agreed they will accept the entire 24.6% stake in North Queensland Airport (NQA) offered by Auckland International Airport, the company said in a regulatory filing on Tuesday.
Auckland International Airport wants to sell the stake to focus on its business in New Zealand, where a major facilities upgrade is planned over the next five years.
"After an extensive process, we are very pleased to have reached a position that will result in a sale of our entire interest and that two existing and experienced infrastructure investors have agreed to support NQA in the next stage of its development," said Chief Executive Adrian Littlewood.
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(END) Dow Jones Newswires
January 15, 2018 15:19 ET (20:19 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.