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MinterEllison advises Auckland International Airport on Cairns Airport exit

1 min  20.03.2018

Auckland International Airport Limited (AIA), a NZX Top 10 company, has completed the sale of its 24.5% interest in Cairns and Mackay Airports for a total of $370 million.

MinterEllison advised AIA throughout the 12-month process, helping it to manoeuvre through numerous obstacles created by its joint venture arrangements for the airports owners and joint venture banking arrangement.

MinterEllison worked closely with the AIA in-house legal and finance teams led by General Counsel & Company Secretary, Scott Weenink and external advisers First NZ Capital and Credit Suisse.

MinterEllison provided both commercial and tax advice, putting AIA in a position to both complete the deal and maximise its return from the investment. Four different transactions needed to be documented as AIA leveraged itself to the final sale to the other security holders.

Cairns and Mackay Airports are owned and operated by North Queensland Airports (NQA). Cairns is Australia’s seventh busiest for international passengers, providing air links to a range of international and domestic locations.

The MinterEllison team, led by Gary Goldman (Partner), included Anthony Portas (Partner), Darren Sumich (Partner), Tom Fletcher (Partner), David Moore (Partner), Mark Forman (Partner), Craig Bowie (Special Counsel), Steven Grant (Senior Associate), Mellissa Lai (Senior Associate), Manisha Pannu (Lawyer), Sophie Qu (Lawyer).

Pip Greenwood of Russell McVeagh provided independent legal advice to the Board of Directors of Auckland Airport.

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