A consortium led by Malaysia's sovereign wealth fund and pension fund provider announced a conditional offer on Wednesday to take Malaysia Airports Holdings Berhad (MAHB) private, in a deal worth about $3.9 billion.

Khazanah Nasional and the Employees Provident Fund (EPF), as well as the Abu Dhabi Investment Authority (ADIA) and New York-based Global Infrastructure Partners (GIP) jointly offered to buy all remaining shares it did not already own in MAHB at 11 ringgit per share, implying an equity value of 18.4 billion ringgit ($3.91 billion), the consortium said in a statement.

The offer represented a 15.2% premium to the prevailing three-month volume weighted average price of 9.55 ringgit per share, the companies said.

The consortium said it planned to position MAHB for long-term sustainable growth, focusing on the maintenance and upgrade of airport infrastructure, enhancing passenger service and improving airline connectivity.

"The Consortium believes that these objectives will be best achieved by MAHB as a private entity, taking a long-term approach to decision-making and capital investment and benefiting from international technical expertise," it said.

Incorporated in 1992, MAHB manages 39 airports across Malaysia as well as one international airport in Turkey, according to its website.

Upon completion of the offer, Khazanah and EPF would jointly own 70% of MAHB, while the remaining 30% would be held by ADIA and GIP, the consortium said.

The Malaysian government will retain special share rights in the firm, and its chairman and chief executive will continue to be Malaysian citizens, the consortium said, adding that there were no plans for layoffs.

The offer was subject to pre-conditions which, if met, would see MAHB de-listed from the Malaysian bourse upon completion of the offer, estimated to occur in the fourth quarter of the year, the companies said.




($1 = 4.7030 ringgit) (Reporting by Rozanna Latiff; Editing by Martin Petty and Ros Russell)