The Dublin Airport Authority has conditionally agreed to sell its 24% stake in Birmingham airport, Britain's fifth largest, for €320m (£220m) to US pension fund interests.
The airport authority owns the stake via its subsidiary Aer Rianta International, and another shareholder, Australian bank Macquarie, is also selling its 24% stake.
The DAA and Macquarie are selling their combined 48% stake to Airport Group Investments Limited, a consortium comprising Ontario Teachers' Pension Plan Board and Victorian Funds Management Corporation, for a combined consideration of £420 million.
Completion of the transaction is subject to certain conditions, and is not expected to occur for a number of months, a statement from the DAA said.
The DAA's director of communications Vincent Wall says the deal could take three months and there will be many claims on the proceeds, namely the €2 billion investment in Dublin airport.
