Sydney- Airports Holdings said on Monday that it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group. It’s one of Australia’s biggest layout deals as air travels pick up. Sydney Aviation Alliance (SAA) raised its bid in response to the airport’s owner refusing its former offer. However, the new sale faces a number of potential obstacles which means, the process still needs few months to complete.
Sydney Airport’s Chairman David Gonski said in an statement, ‘The Sydney Airport Boards believe that outcome reflects appropriate long-term value for the Airport, and unanimously recommend the proposal to security holders, subject customary conditions such as independent expert approval and no superior proposal.’’
Agreement Time
As the announcement came right after Australia reopened its borders for an international travel. From start of November, fully vaccinated overseas travelers have been allow to enter Australia’s biggest states without quarantine. Also, millions of Australians can travel abroad freely.
SAA is made up of Australian firms IFM investors, QSuper and Australian Super and US-based global infrastructure partners, according to BBC news.
Meanwhile, the agreement needs few more months to complete including independent report on the takeover. It needs approval from the quarters of airport’s shareholders and the greenlight.
Additionally, Sydney Airport is expects to hold its meeting about the deal in the first quarter of 2022.
