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Australia Pacific Airports Corporation (APAC), the operator of Melbourne and Launceston Airports, today declared ‘business as usual’ following the decision by 20% owner BAA to sell off its overseas airport assets, including those in Australia. That includes their minority holding in APAC which operates Melbourne and Launceston airports.
BAA, formerly the British Airport Authority, was purchased in June this year by a consortium led by Spanish transport and infrastructure conglomerate Ferrovial, in partnership with Canadian and Singaporean investors.
The company this morning announced that it would be selling all its international airport interests. Its Australian investments included minority interests Melbourne, Launceston, Perth, Darwin, Alice Springs and Tennant Creek Airports.
APAC is currently owned by four shareholders: AMP (41 per cent), RREEF Infrastructure (26 per cent), Hastings Funds Managements (13 per cent) and BAA (20 per cent).
Chris Barlow, CEO and Managing Director of APAC said that this decision was not a surprise and both Melbourne and Launceston Airports would continue to operate with a “business as usual” approach.
“Like any well-managed company, we have a contingency plan. The remaining shareholders will determine APAC’s future ownership structure,” said Mr Barlow. The Shareholders agreement contains pre-exemption rights.
“I can assure you all that APAC will remain in good shape, continuing to be a majority Australian-owned company and continuing to serve the interests of Victoria and Tasmania.”