Asia Deal Digest: July 28, 2011

Australian firm Allens Arthur Robinson have represented Macquarie-owned MAp Airports Ltd. in an asset swap with the Ontario Teachers’ Pension Plan. The airport company, advised by a three-partner team based in Allens Arthur’s Sydney office, has exchanged its stakes in airports in Brussels and Copenhagen, plus $857 million, for OTPP’s 11 percent stake in Sydney Airport. The total value of the deal is $1.7 billion. Freshfields Bruckhaus Deringer acted for OTPP, with a London and Brussels team led by London-based corporate partner Laurie McFadden. [Read full story]

While OTPP was selling its stake in Sydney Airport, another Canadian pension fund was also busy selling Australian infrastructure assets. Canada Pension Plan Investment Board turned to Allens Arthur Robinson for advice on the sale of its $1 billion stake in toll road operator Transurban Group to institutional investors. Melbourne-based Wendy Rae, who led Allens Arthur’s team on the deal, said it was one of the largest-ever block trades in Australia. Swiss bank UBS AG managed the trade. The bank did not seek outside counsel–the deal was handled by in-house lawyer Antony Rumboll.