Canada’s Ontario Teachers’ Pension Plan has entered a definitive agreement with Australia’s New South Wales Treasury (TCorp) and Sunsuper Superannuation Fund to divest its 30% shares in UK’s Bristol and Birmingham airports.

Under the deal, TCorp will acquire 15% stake as trustee of TCorpIM Direct Investment Fund E, while Sunsuper will buy the remaining 15% as trustee of Sunsuper.

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Following the sale, Ontario Teachers’, TCorp and Sunsuper will own 70%, 15% and 15% stake in Bristol Airport and 33.8%, 7.2% and 7.2% in Birmingham Airport respectively.

With the completion of the sale, the three companies will become investment partners in the UK’s two regional airports.

“Under the new shareholder structure, we will continue to focus on creating long-term value for all stakeholders, including the 19 million passengers who fly through these two airports every year.”

Ontario Teachers’ Infrastructure and Natural Resources senior managing director Andrew Claerhout said: “We look forward to TCorp and Sunsuper joining us as shareholders, alongside the strong teams at Bristol and Birmingham and Ontario Teachers’ enduring partnership with the District authority shareholders in Birmingham.

“Under the new shareholder structure, we will continue to focus on creating long-term value for all stakeholders, including the 19 million passengers who fly through these two airports every year.”

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The transaction is expected to complete in late November.

Last year, Bristol Airport handled 7.5 million passengers and Birmingham Airport managed 11.6 million passengers.

Ontario Teachers’ is the largest private investor in airports across Europe, with holdings in five freehold airports, including Copenhagen Airports, Brussels Airport, Bristol Airport, Birmingham Airport and London City Airport.