Australia's Future Fund has entered an agreement to purchase all the assets of Australian Infrastructure Fund (AIX), which includes stakes in several airports.
The fund says the A$2 billion ($2.09 billion) transaction has been approved by its directors, which means that it is now only subject to approval from AIX shareholders. Approval is expected at an extraordinary general meeting in January 2013.
The assets being acquired include a 28.2% stake in Airport Development Group, 49.1% of Queensland Airports, 29.7% of Perth Airport and 12.4% of Australia Pacific Airports Corp.
Airport Development Group operates Darwin International, Alice Springs and Tennant Creek airports, while Queensland Airports operates Gold Coast, Townsville and Mount Isa airports. Australia Pacific operates Melbourne and Launceston airports.
The agreement also includes a 40% stake in HOCHTIEF Airport Capital, which has minority interests in Sydney, Hamburg, Dusseldorf and Athens airports.
The Future Fund first announced its intention to purchase AIX assets in August, citing the attractive returns of Australian infrastructure assets as a key reason for its interest in the fund.