Airport Group Investments, a company owned by Canadian and Australian pension funds, has agreed to buy a 48.25% stake in Birmingham International airport for £420m. Daily Telegraph. The Times

Ontario Teachers’ Pension Plan (Teachers’) and Melbourne-based Victorian Funds Management are to by the interest from Australia’s Macquarie Airports Group and Aer Rianta International, a subsidiary of the Dublin Airport Authority.

Seven local councils own 49% of the airport and the sale values their holding at nearly £430m. They have preemption rights that would allow them to buy the Macquarie and Aer Rianta shares themselves, and they have 90 days to exercise their rights.