Macquarie Airports to buy management rights -paper

SYDNEY, July 24 - Australian investment firm Macquarie Airports (MAP) <MAP.AX> will buy back management rights from Macquarie Group <MQG.AX> for around A$300 million ($244 million), the Australian Financial Review newspaper reported on Friday.

Both companies had requested halts to trading in their shares on Thursday pending a major announcement.

The newspaper, citing no sources, said Macquarie Group would retain its 22.1 percent stake in the airport operator, with a formal announcement of the transaction due as early as Friday.

MAP, with a market value of about A$4.5 billion ($3.7 billion), is one of the world's largest private airport owners and operators, with airports in Sydney, Europe and Mexico.

It would become the latest Macquarie satellite fund to break with Macquarie Group, whose model of buying assets and placing them into listed and unlisted funds and earning fees from managing them has come under pressure as global asset values fall.

Macquarie Communications Infrastructure Group <MCG.AX> has accepted a $1.3 billion deal by Canada Pension Plan Investment Board, while last month Macquarie Leisure Trust Group <MLE.AX>, one of the smaller funds, cut its ties with Macquarie Group.

The biggest fund, Macquarie Infrastructure Group <MIG.AX>, is also reviewing strategic options.

MAP's shares were trading up 10.5 percent at A$2.64 before it was placed on trading halt on Thursday. Macquarie's shares were up 4.8 percent at A$41.80 prior to its trading halt. ($1=1.229 Australian Dollar)