(Adds background, CEO commentary)
Jan 16 (Reuters) - Auckland International Airport said on Tuesday it would sell its stake in North Queensland Airports (NQA) to existing investors for A$370 million ($294.82 million), as it looks to focus on its domestic business.
Perron Investments and The Infrastructure Fund have already agreed to buy all of Auckland Airport's 24.6 percent stake in NQA, the company said in a statement, adding that the sale was subject to regulatory and counterparty approvals.
"The sale will enable Auckland Airport to focus attention on growing its New Zealand travel, trade and tourism businesses," Adrian Littlewood, Chief Executive of Auckland Airport, said. Auckland Airport had conducted a strategic review of its interest in NQA in August last year, with a stake sale emerging as one of the potential outcomes among others.
The company plans on using the proceeds from the sale to fund the infrastructure development at Auckland Airport, after announcing in June 2017 it will spend NZ$1.8 billion ($1.31 billion) over the next five years to expand and improve facilities. First NZ Capital, Credit Suisse and MinterEllison are advising the company on the deal.($1 = 1.2550 Australian dollars)
(Reporting by Aditya Soni in Bengaluru. Editing by Jane Merriman)
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