MAp Group
(ASX:MAP) has entered into exclusive negotiations with Ontario Teachers' Pension Plan Board (OTPP) after having received an offer from the Canadian fund to swap assets.
Under the proposal MAp will sell its non-controlling interests in Brussels and Copenhagen Airports in exchange for OTPP's 11.02 per cent interest in Sydney Airport and $850 million cash.
The proposal is non-binding and highly conditional and still subject to due diligence.
Should the deal proceed, MAp’s stake in Sydney Airport will rise from 74 per cent to 85 per cent.
MAp posted a net profit of $51.7 million in the 2010 financial year.
