IFM Investors, QSuper, GIP and AustralianSuper to acquire Sydney Airport for $17.4bn.

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.