ER
SYDNEY airport will be sold to a private equity consortium for A$23.6 billion (US$17 billion) or equivalent IDR249.3 trillion as international flights open.
Reported by Bloomberg on Monday (11/8), the airport board accepted an offer of A$8.75 per share from a group led by IFM Investors Pty. The deal also recommends shareholders agree to a deal early next year, the company said in a statement today.
The deal is the latest in a series of private consortium deals involving infrastructure assets and Australian pension funds. Sydney Airport had previously rejected two bids from the consortium worth A$8.25 per share in July.
The consortium includes the Sydney Aviation Alliance, including Australian pension funds AustralianSuper Pty and QSuper Ltd. together with infrastructure investor IFM owned by 23 Australian pension funds and Global Infrastructure Partners LP.
The largest shareholder in Sydney Airport, UniSuper Ltd., plans to transfer 15% of its shares to a new holding company. The Australian government has opened access for vaccinated tourists from overseas to its two largest states without having to quarantine as of 1 November. The government also allows its citizens to go abroad. [sources/photo special]
