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AUSTRALIA’S competition regulator approved a A$23.6 billion takeover of Sydney Airport Holdings, or about US$17 billion, bringing one of the country’s biggest purchases to a close.
As is known, Sydney Airport last month agreed to be purchased by the Sydney Aviation Alliance (SAA), which consists of Investors IFM, QSuper, AustralianSuper and US-based Global Infrastructure Partners.
“A cross-ownership assessment between Sydney, Melbourne, Brisbane, Perth and Adelaide airports found competition was limited, making it impossible for one member of the consortium to control the airport,” the Australian Competition and Consumer Commission (ACCC) said.
The ACCC sees the deal as unlikely to reduce competition. Therefore, they also did not demand that IFM relinquish its stake in Australian airports.
For your information, IFM has stakes in nine airports across the country, including more than 25% stake in Melbourne and 20% in Brisbane.
In a separate statement, Sydney Airport took note of the ACCC’s statement and said the deal had also been approved by the European Commission. However, they still need permission from the Australian Foreign Investment Review Board and company shareholders. [sources/photo special]
