News
Sydney Airport’s US$15.45 billion sale underway
November 8th 2021
The A$23.6 billion (US$17.45 billion) takeover of Sydney Airport is underway with buyer Sydney Aviation Alliance (SAA) entering into a scheme implementation deed to acquire the appropriate shares. Read More » Sydney Airport board members have unanimously endorsed the sale of the airport for $A8.75 a share to the consortium, which includes infrastructure and superannuation funds. A statement released on Monday said all board members intend to vote the shares they control in favour of the deal, subject to certain conditions. These include an independent expert review concluding the deal is in shareholders’ best interests and approvals by Australian foreign investment and competition regulators. “Today’s announcement is the culmination of months of engagement between all parties,’’ said Sydney Airport chairman, David Gonski. “The Sydney Airport boards believe the outcome reflects appropriate long-term value for the airport and unanimously recommends the proposal to securityholders, subject to customary conditions such as independent expert approval and no superior proposal.” Meetings to allow shareholders to vote on acquisition schemes for shares in Sydney Airports Ltd (SAL) and units in Sydney Airport Trust 1 (SAT1) are due to be held in the first quarter of 2022.
