Copenhagen Airport to sell 49% in Newcastle Airport operator NIAL

Danish airports operator Copenhagen Airports A/S (CPH:KBHL), also known as Koebenhavns Lufthavne A/S, said it had reached an agreement to offload its 49% stake in British NIAL Group Ltd, the parent of Newcastle International Airport Ltd, to a fund managed by Australian infrastructure manager AMP Capital Investors Ltd.

The deal, which is seen to be completed towards the middle of next month, is in line with Copenhagen Airports’ strategy to zero in on developing and running the airports in the Danish capital, it said. The value of the transaction was not disclosed.

The Danish firm’s exit from NIAL Group has been given the go-ahead by the seven municipalities which control the remaining 51% stake in the target. In connection with the deal, NIAL Group will refinance its group facility and seek new debt financing from the seven municipalities and the buyer. Thus, the offload is subject to the new facility accord and the investment accord remaining effective and becoming unconditional, Copenhagen Airports noted.

The Danish firm said the disposal would be reflected on its books in the fourth quarter of the year and would result in a gain affecting profit before tax for the year in the range of DKK750m (USD130m/EUR100.5m) to DKK770m.

RBC Capital Markets and Baker & McKenzie were picked financial and legal advisers on the deal, respectively, the vendor said.