Sydney Airport board approves US$17bn takeover deal

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The board of Sydney Airport has approved the A$23.6bn (US$17.4bn) takeover proposal by the Sydney Aviation Alliance consortium following a period of due diligence.

Shareholders are being advised to vote in favor of the acquisition of 100% of current shares at upcoming Scheme Implementation Deed (SID) meetings in the first quarter of 2022.

Sydney Aviation Alliance had an improved bid of A$8.75 (US$6.44) per stapled security accepted in September, following the rejection of an initial bid of A$8.25 (US$6.07) per stapled security on July 5, 2021, and a revised indicative bid of A$8.45 (US$6.21) on August 16, 2021.

David Gonski, chairman, Sydney Airport, said, “Today’s announcement is the culmination of months of engagement between all parties. The Sydney Airport boards believe the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal to security holders, subject to customary conditions such as independent expert approval and no superior proposal.”

Sydney Aviation Alliance comprises various investment and infrastructure funds affiliated with or managed by IFM Australian Infrastructure Fund, IFM Global Infrastructure Fund, AustralianSuper, QSuper and Global Infrastructure Partners.

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Dan originally joined Passenger Terminal World in 2014 having spent the early years of his career in the recruitment industry. As online editor, he now produces daily content for the website and supports the editor with the publication of each exciting new issue. When he’s not reporting on the latest aviation news, Dan can be found on the golf course or apprehensively planning his next DIY project.

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