MacCap flies into sell-side lineup at Queensland Airports; 74pc for sale
Barrenjoey’s bankers are set to timeshare the sell-side mandate for Queensland Airports Limited with their rivals at Macquarie Capital, as The Infrastructure Fund officially ramps up the collective selldown to 74 per cent.
Queensland Airport Limited’s owners are ready for takeoff. Ryan Fletcher
Street Talk understands The Infrastructure Fund – which is run by Macquarie and had initially planned to sell just 10 per cent of Queensland Airports – has formally pulled the trigger on exiting its 40 per cent stake in full. Throw in State Super and Australian Retirement Trust’s holdings and it is 74 per cent that’s up for grabs.
Potential investors are being told to expect flyers as early as Tuesday, followed by early marketing for the business, which owns airports at Gold Coast, Townsville, Mount Isa and Longreach.
Barrenjoey and Macquarie Capital are well advanced with preparing due diligence materials, suggesting first-round bids shouldn’t be far off. (It’s the second airport gig for MacCap; it is also mandated to sell a 12.5 per cent stake in Brisbane Airport).
With a controlling stake up for grabs, the auction will attract a plethora of local infrastructure bigwigs. That’s courtesy of Australia’s Airports Act 2001, which dictates at least 51 per cent of airports be owned and operated by local entities. Still, there should be room for international bidders, as evidenced by private equity giant KKR’s early look at the asset, as reported by this column.
Queensland Airports Limited is understood to be guiding to $140 million in earnings before interest, taxes, depreciation and amortisation for the 2024 financial year. Potential suitors are being told QAL is more like Sydney Airport and Hobart Airport, than the dual listed
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