Canadian company Ontario Teachers’ has collaborated with Danish pension plan Arbejdsmarkedets Tillægspension (ATP) to acquire a 57.7% stake in Copenhagen Airports (CPH) for approximately DKK 9.8bn (€1.3bn).

The shares will be purchased from the Macquarie European Infrastructure Fund III (MEIF3), which has offered to divest its securities in Kastrup Airport Parents (KAP), a holding company which indirectly owns a 57.7% stake in CPH.

ATP will provide the financing required to fully fund the acquisition, after which the company will become a direct stakeholder in KAP.

ATP Group CEO Christian Hyldahl said: “ATP is now becoming a significant investor in CPH. The airport in Copenhagen is key infrastructure in Denmark and we are proud to be one of its stewards going forward.

"The airport in Copenhagen is key infrastructure in Denmark and we are proud to be one of its stewards going forward."

“We are keen to work together with all stakeholders to further develop the airport and contribute to its long-term continuation as a critical transportation hub in northern Europe to the benefit of both the Danish society as well as the members in ATP.”

Subject to approval by the European Union (EU) Commission pursuant to the EU Merger Regulation (EUMR), the transaction is expected to be completed during the fourth quarter of this year.

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By GlobalData

With the conclusion of the transaction, Ontario Teachers’, together with ATP, expects to hold a joint ownership of the 57.7% indirect shareholding in CPH, and eventually the issuance of a mandatory tender offer for the remaining shares in CPH.