Brussels, 14/12/2009 (Agence Europe) - On Friday 11 December 2009, the European Commission cleared the planned acquisition of Bristol International Airport Limited of the UK by Ontario Teachers' Pension Plan Board (OTTP) of Canada and Macquarie Group of Australia.
OTPP is a Canadian pension fund which invests in a wide range of different assets and which already has a stake in Birmingham International Airport in the UK as well as a non-controlling stake in Bristol Airport. The Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. It already has a stake in Bristol Airport which is held by Macquarie European Investment Fund L.P. (MEIF) of Guernsey (the Channel Islands), a wholesale investment fund established to invest in infrastructure and related businesses. As a result of the deal, OTTP would increase its stake in Bristol Airport, resulting in joint control by OTTP and Macquarie over Bristol Airport.
The Commission's examination of the proposed transaction showed that the catchment areas of Bristol Airport and Birmingham Airport overlap only to a minor extent and the competitive constraints that both airports exert upon each other are therefore limited. The investigation revealed that airlines do not tend to consider the two airports as close substitutes to each other and that several other alternative airports also exist. The Commission therefore concluded that the proposed transaction would not raise competition concerns. (O.L. trans fl)