Sydney Airport signs $ 17.5 billion buyout agreement – NEWS WORLD UPDATE

Sydney Airport has agreed to accept A $ 23.6 billion (£ 13 billion; $ 17.5 billion) takeover offer from a group of investors.

If completed, the deal will be one of the largest acquisitions ever in Australia.

The deal came after the Sydney Aviation Alliance (SAA) raised its offer in response to the airport owner’s rejection of its previous offer.

However, the proposed sale faces a number of potential hurdles, meaning the process may still take months to complete.

“The Sydney Airport Boards believe the result reflects an appropriate long-term value for the airport and unanimously recommend the proposal to title holders, subject to customary conditions such as independent expert approval and no superior proposal,” he said. Sydney Airport President David Gonski said in a statement. to the bag.

The announcement of the deal for Australia’s largest airport operator came shortly after the country reopened its borders to international travel.

Since the beginning of November, for the first time in more than a year and a half, fully vaccinated foreign visitors can enter Australia’s two largest states without the need for quarantine. Millions of Australians can also travel abroad freely.

SAA is comprised of Australian companies IFM Investors, QSuper and AustralianSuper and Global Infrastructure Partners based in the United States.

The deal still has to overcome many other hurdles until it can be completed, including an independent report on the acquisition.

It also requires the approval of three-quarters of the airport’s shareholders, as well as the go-ahead from Australian regulators.

Sydney Airport’s board of directors said it plans to hold meetings on the deal in the first quarter of 2022.

Shares of the company were up 2.8% on the Sydney stock exchange on Monday.

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