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Sydney Airport signs $17.5 billion buyout deal, continues to recommend offer -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A wave of international travellers arrive at Sydney Airport following the removal of border restrictions for coronavirus (COVID-19), with fully-vaccinated Australians allowed in Sydney, Australia without quarantine.

(Reuters] Sydney Airport Holdings signed a plan implementation deed to allow an infrastructure group buy the airport operator. It said it was one of Australia’s largest ever buyouts.

In a statement, Sydney Airport’s board stated that they unanimously recommended the Sydney Aviation Alliance buyout offer (SAA). A scheme meeting will be held during the first quarter in 2022.

The Chairman David Gonski stated that the Sydney Airport Boards believed the result reflected the appropriate long-term benefit for the airport and unanimously recommended the proposal to securityholders.

A report from an independent expert, 75% shareholder approval, and a green signal from both the Foreign Investment Review Board and competition regulator are all conditions of the deal. This could take several months.

In case the deed is cancelled by either party, it also provides for reimbursement fees up to A$150 millions.

The sale of Australia’s largest airport operator was closer in September after SAA’s bidding consortium won permission for due diligence. It had sweetened its offer at A$23.6 trillion.

SAA is made up of Australian investors IFM Investors and QSuper, AustralianSuper and U.S-based Global Infrastructure Partners.

($1 = 1.3517 Australian dollars)

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