Ontario Teachers' Pension Plan, Toronto, said Wednesday it will become the sole owner of Bristol International Airport in England after agreeing to buy the 50% share held by Macquarie Group.
Terms were not disclosed.
It will be the first airport that the C$140.8 billion (US$128.6 billion) pension fund owns outright, said Deborah Allan, OTPP spokeswoman. It already owns 50% of the airport, acquiring the 1% owned by Sydney Airport in 2012.
Ontario Teachers also holds a 48% stake in Birmingham (England) Airport, 39% in Brussels Airport Co. and 30% in Copenhagen Airport.
Macquarie has owned shares in the airport since 2001; Ontario Teachers bought its stake in 2009.
The airports are part of the OTPP's C$11.7 billion infrastructure portfolio, which returned 16.8% for the year ended Dec. 31, according to the pension fund's website.
The deal is expected to close by the end of this month.
