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Altitude is pleased to have supported Macquarie European Infrastructure Fund III (“MEIF3”) disposal of its shareholding in Kastrup Airport Parents ApS (“KAP”), a holding company which indirectly holds a 57.7% ownership in Copenhagen Airports A/S.
The scope of our role included:
Detailed analysis of Nordic air traffic market.
Detailed analysis of historic financial performance.
Detailed analysis of airport infrastructure and assessment of current capacity of key airport processes.
Development of independent long term traffic, financial and capital expenditure forecasts.
Development of detailed economic regulatory modelling to reflect changes in Danish airport regulatory framework during the sale process.
Production of a detailed vendor due diligence report.
Ontario Teachers exercised its preemptive right to acquire MEIF3’s stake in KAP, partnering with Danish pension plan ATP which will provide the financing to fully fund the transaction which is valued at approximately DKK 9.8 billion (€1.3 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.
More information in this PDF.