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Allens and Freshfields fly billion dollar asset swap

Allens Arthur Robinson and Freshfields Bruckhaus Deringer have advised on a $1.6 billion cross-border airport asset swap, completed today (7 October).Allens acted as Australian legal counsel for…

user iconLawyers Weekly • 07 October 2011 • Big Law
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Allens Arthur Robinson and Freshfields Bruckhaus Deringer have advised on a $1.6 billion cross-border airport asset swap, completed today (7 October).

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Allens acted as Australian legal counsel for MAp Airports Limited in July when the leading private airport owner exchanged its interests in Brussels and Copenhagen airports for OTPP's interests in Sydney Airport, and a balancing payment of around $790 million.

The deal gives MAp an 85 per cent interest in Sydney Airport, where it will now focus its attention on, and consequently look at ways to restructure, its offshore company and two boards overseeing operations.

MAp has proposed the removal of its Bermudian company from the listed stapled group which, if approved, would see around $1.5 billion transferred to investors.

Partner Susan Burns, who teamed up with partners Stuart McCulloch and Julian Donnan, said the restructure creates an opportunity for Allens to again advise MAp on the optimal structure for its business going forward.

Freshfields acted for OTPP, with a London and Brussels cross-practice team led by London-based corporate partner Laurie McFadden.

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