Business & Economy

Sydney Airport agrees to $17.45 billion buyout deal

Sydney, Australia, Nov 8 (EFE).- Sydney Airport announced on Monday that it has agreed to sell 100 percent of its shares to the Sydney Aviation Alliance (SAA) consortium for AU$23.6 billion ($17.45 billion).

The consortium comprises Australian investors IFM Australian Infrastructure Fund, IFM Global Infrastructure Fund, AustralianSuper and QSuper, and US-based Global Infrastructure Partners, according to a statement sent by Sydney Airport to the Australian stock exchange ASX on Monday.

The Sydney Airport Boards “unanimously” recommended that shareholders vote in favor of its sale at the meetings scheduled to be held in the first quarter of 2022 “in the absence of a superior proposal,” the statement said.

The acquisition was approved after two previous proposals by SAA in July and August were both rejected, Sydney Airport said.

In September, the airport received another revised proposal from SAA offering a value of AU$8.75 for each share, which it accepted.

The company added that UniSuper, its biggest shareholder, will transfer its 15.01 percent stake in Sydney Airport in exchange for an equivalent stake in the consortium’s structure.

The bid will require regulatory approval.

This announcement comes after a partial reopening of Australia’s international borders, closed in March 2020 due to the Covid-19 pandemic, to allow the entry of Australian citizens and permanent residents, as well as their immediate family members on flights to Sydney and Melbourne. EFE


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