Announced
Financials
Tags
Cross Border
Friendly
Private Equity
Pending
Single Bidder
Australia
airport
Acquisition
Majority
Public
Airports
Synopsis
Investment firms IFM Investors, QSuper, GIP and AustralianSuper offered to acquire Sydney Airport, an international airport, for $17.4bn. UniSuper, a holder of 15% in the airport, would be obliged to reinvest its stake in the consortium's holding vehicle. The proposal is non-binding, so the final agreement has not been reached yet. The Sydney Airport boards have begun evaluating the proposal but noted that the offer price is below its pre-pandemic levels. On July 15, 2021, Sydney Airport rejected a $16.7bn takeover proposal. On August 16, 2021, Sydney Airport announced it received and rejected the improved $16.8bn proposal, but open to better offer. AustralianSuper, a pension fund, joins the consortium according to the revised offer. On September 13, 2021, The consortium increased an offer to $17.4bn and won permission to conduct due diligence on Sydney Airport. On November 8, 2021, Sydney Airport accepted the $17.4bn takeover bid. On December 9, 2021, Australia regulator approved takeover of Sydney Airport. On February 3, 2022, Sydney Airport shareholders approved the offer.
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