A consortium led by private equity giant KKR and Australian private investment firm Skip Capital, through its Skip Essential Infrastructure Fund, has agreed to acquire a 74.25% controlling stake in Queensland Airports, according to a statement on Thursday.
The consortium acquired the stake from current owners, The Infrastructure Fund, managed by Macquarie Asset Management, State Super, and Australian Retirement Trust.
Financial details of the deal remain undisclosed. The deal, which is subject to regulatory approvals, is expected to be closed by the end of this year.
Queensland Airports operates four facilities including Gold Coast, Townsville, Longreach and Mount Isa airports. These airports collectively handle nearly 66,700 aircraft movements annually across 39 domestic and six international routes.
“Alongside delivering critical transport into one of Australia’s highest growth corridors of the Gold Coast, we are excited about our plans to lift the airport’s offering for residents and tourists, and drive energy innovation across the group,” Kim Jackson, CEO of Skip Capital, said.
Andrew Jennings, managing director and head of Australia and New Zealand Infrastructure at KKR said the acquisition aligns with its broader infrastructure strategy in the Asia Pacific region. In Australia, the firm sees transportation, energy, utilities and telecommunications as core to its infrastructure strategy.
KKR is investing in Queensland Airports from its Asia Pacific Infrastructure Investors II Fund.
As reported by DealStreetAsia in February, the $6.4-billion fund will invest across renewables, power and utilities, water and wastewater, digital infrastructure and transportation and others.
This deal aligns with KKR’s commitment to boost infrastructure investments in the APAC, as announced in July 2024 at the Indo-Pacific Economic Framework for Prosperity (IPEF), an economic initiative launched by the US in May 2022.
The firm’s previous investments in the region include Spark Infrastructure, an Australian investment fund that owns and manages a portfolio of electricity infrastructure assets, and Ritchies Transport, a New Zealand private bus operator.
Meanwhile, Skip Capital has added Queensland Airports to a portfolio that includes data centre owner and operator Stack Infrastructure Australia, Energy Bay, Group Homes Australia and Spark Infrastructure.
RBC Capital Markets acted as financial advisor to KKR and the Skip Essential Infrastructure Fund while Gilbert + Tobin served as legal counsel for the Queensland Airports deal.
