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News: MAp Group finalises airport asset swap

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    MAp Group (ASX:MAP) says it has inked a deal to offload some of its assets to focus on Sydney Airport and reported that Sydney Airport has increased its first half earnings.     

    Under the deal announced last month, MAp will sell its non-controlling interests in Brussels and Copenhagen Airports in exchange for Ontario

    Teachers' Pension Plan Board’s 11.02 per cent interest in Sydney Airport and $850 million cash.

    MAp says it has now signed a binding agreement to implement the deal that will result in both an increased investment in Sydney Airport and repositioning the company to solely focus on Sydney Airport.

    In the first half of the 2011 financial year Sydney Airport has posted a 4 per cent rise in EBITDA and a 4.4 per cent rise in revenue.

    In the 2010 financial year MAp posted a net profit of $51.7 million. 

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