The Ontario Teachers’ Pension Plan (Teachers’) has agreed to two major deals—one with MAp Airports (MAp) in Australia and one with Chicago-based Flexera Software.
MAp deal
Teachers’ will receive a 39% interest in Brussels Airport in Belgium and a 30% interest in Copenhagen Airport in Denmark.
In return, Teachers’ will give up its 11% stake in Sydney Airport and pay A$791 million cash, bringing MAp’s ownership of Sydney Airport to about 85%.
“We believe that Brussels and Copenhagen airports are excellent opportunities that strongly reflect our investment criteria and our long-term investment horizon,” said Stephen Dowd, senior vice-president of Teachers’ Infrastructure Group.
Teachers’ has previously acquired interests in MAp’s Birmingham and Bristol airports in England.
The deal has a number of conditions, including regulatory approvals from European Commission merger authorities. There is also a provision to terminate the deal if the value of the Sydney, Brussels or Copenhagen airports falls by more than 15%.
Flexera Software deal
Teachers’ has also acquired a majority stake in Flexera Software, which specializes in e-applications solutions, including software licensing, installation services and software optimization.
“The Flexera Software team has done an exceptional job of growing the business, defining a strategic vision and executing to become the market leader,” said Jane Rowe, senior vice-president of Teachers’ Private Capital. “The company has established a strong position in an attractive market segment.”
The acquisition is expected to close in late September 2011.