Canada is the only country in the world in which the largest airports are operated by non-profit, non-share capital airport authorities, with the federal government owning and leasing land to the airport authorities. [...] However, it remains the residual owner since the airports will be handed back at the end of the lease terms. [...] The eight largest airport authorities likely represent more than 90 percent of potential equity value, given the passenger volumes of smaller NAS airports and previous divestitures by the federal government to provinces and municipalities of even smaller airports. [...] Any equity-sale scenario would require the replacement or conversion of these authorities to traditional share-capital corporations, with the federal government initially owning 100 percent of the equity and then selling all or a portion of it to a private-sector investor. [...] I also subtracted the debt-call premium,* which may be paid to bondholders in some transaction scenarios from the low end of the range but not to the high end.
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