Macquarie offloads half of its stake in Macquarie Atlas

Macquarie Atlas only owns half of the Dulles Greenway in the US.

Macquarie Capital has offloaded about a 10 per cent stake in Macquarie Atlas, in a deal worth $282 million.

The 53 million shares were sold by Macquarie Capital at $5.32 each, a 4.1 per cent discount to the last closing price of $5.55 and 7c above the floor price of $5.25.

Shareholders were understood to have offered strong support for Friday’s block trade, which also saw a number of new investors inject capital into to the toll road operator.

In total, almost 16 investors participated, with demand out of Asia said to be strong.

Macquarie has been the manager of told road operator Macquarie Atlas (MQA) since 2011, receiving performance fees every year, which have been reinvested through the issue of 59 million shares over the period.

It means Macquarie’s interest in the stock had increased to about 20 per cent.

Macquarie will be left with a 10 per cent share in the business.

It comes amid speculation that Macquarie Group could soon move to cut ties with the listed satellite on the back of questions about whether its rampant earnings growth would continue and whether it would eventually cash out.

Some investors believe that an internalisation, sale or breakup is on the cards, after the stock has climbed to more than $5 after trading at less than $2 five years ago.

One theory is that the group will wind up the fund, selling its two major assets — the Dulles Greenway in the US and APRR in eastern France.

Currently, Macquarie Atlas only owns half of the Dulles Greenway, but chief executive Peter Trent has earlier indicated that the group was likely to purchase the remainder with the proceeds from the sale of its Chicago Skyway.

It is also expected to buy the remaining share of the APRR it does not own — an asset likely to be attractive to Middle Eastern and European buyers.