Sydney Airport agrees to $17.5b buyout deal

Sydney Airport Holdings said on Monday it has agreed to accept a A$23.6b (US$17.5b) takeover bid from an infrastructure investor group in one of Australia’s biggest buyouts. The company said in a statement here it unanimously recommended the buyout offer from Sydney Aviation Alliance, comprised of Australian investors IFM Investors, QSuper, AustralianSuper and US-based Global Infrastructure Partners. The deal to buy Australia’s largest and only listed airport operator comes as the country this month eased its international border restrictions for the first since the beginning of the coronavirus pandemic. A scheme implementation deed had been made on Monday and a scheme meeting would take place in January, the company said. It follows a sweetened offer by SAA here of A$8.75 a share in September - 6% higher than its first approach at A$8.25 - which convinced the company's board to give the consortium access to due diligence. “The Sydney Airport Boards believe the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal,” Chairman David Gonski said.<br/>