A significant new power shift has emerged at Birmingham Airport - with a Canadian buyout of Australian stakeholders.
The Ontario Teachers' Pension Plan has announced the acquisition of a 19.25 per cent stake in the airport from the Victorian Funds Management Corporation.
The buyout of the Australians' entire investment takes the Ontario group to a 48.25 per cent stake - the share the pair previously owned via their joint venture vehicle Airport Group Investments Ltd following their £420 million deal in 2007.
The investment was led by Ontario Teachers Infrastructure Group, which manages a global portfolio of 11.7 billion dollars of investments. Its other airport stakes include Bristol, Copenhagen and Brussels.
Paul Kehoe, Birmingham Airport chief executive, said: "Teachers' has demonstrated strong support for our airport for more than a decade, supporting capital for various enhancements and expansion.
"We look forward to continuing to work with Teachers' and the District Shareholders with a shared goal of developing Birmingham Airport's connectivity to benefit both the region and the UK as a whole."
The airport is a public/private partnership.
The current shareholders include the seven West Midlands metropolitan councils (49 per cent), the Ontario Teachers' Infrastructure Group (48.25 per cent) and the Employee Share Trust (2.75 per cent).
Birmingham Airport recorded the busiest November in its history, as almost 650,000 passengers passed through the terminal last month, a ten per cent increase compared to the same period last year.
The airport handled a total of 646,945 passengers in November, beating its previous record for the month set in 2008 by 4.2 per cent.
The figures also saw a rise in the number of passengers flying on long-haul services from Birmingham, up by three per cent compared with November 2013.
Scheduled traffic in November accounted for 88.6 per cent, with charter flights making up the remaining 11.4 per cent.
Scheduled routes which saw the biggest increase last month were Kaunas, Delhi, Gdansk, Marrakesh and Hamburg. Charter services to Jamaica, Cyprus, Tunisia and Egypt also experienced significant growth.
November was the sixth record-breaking month for Birmingham Airport in 2014, as April, May, June, July and August also saw records smashed.