King & Wood Mallesons (KWM) has acted for Macquarie’s Global Infrastructure Fund III (GIF III) on the competitive sale of its 50.1 per cent stake in Hobart Airport.
Sold to QIC and Royal Schipol Group in a joint transaction, the sale will see GIF III fully divest its ownership of the airport. The transaction will also result in Hobart Airport’s second owner, Tasplan Super, reducing its holding from 49.9 per cent to 30 per cent.
A cross practice KWM team acted on the deal, which was led by partner, Henrik Moritz, in addition to senior associate, Shabarika Ajitkumar and solicitor, Georgia Feltis. Infrastructure expertise was also provided by partners, Mark Upfold and Rebecca Finkelstein and special counsel, Gareth Howe.
Commenting on the transaction Henrik said: ”We are delighted to have worked with our longstanding client Macquarie on this sale which achieves a significant result for investors in GIF III. It is rare for a stake in an Australian airport to be offered to the market and we are very pleased to have had the opportunity to support GIF III on this divestment after a successful twelve years as majority shareholder.”
The transaction was announced this week and the sale should complete by the end of October.