QSuper consortium lands Sydney Airport after long pursuit
Australia’s biggest and busiest airport has accepted a $23.6 billion takeover bid from a consortium of infrastructure investors, including recently-merged QSuper.
Sydney Airportās decision brings to an end a four-month tussle over price between the operator and Sydney Aviation Alliance ā which includes local superannuation funds QSuper and Australian Super.
The final offer values the airportās stapled securities at $8.75 each, up from Fridayās closing price of $8.23, and represents a $7.9 billion uplift from SAAās initial offer of $8.25 per security in July.
Sydney Airportās boards have unanimously recommended security holders accept the deal ā assuming no superior bid emerges from another party ā when they meet to vote on the sale in the first quarter of 2022.
āThe Sydney Airport boards believe the outcome reflects appropriate long term value for the airport,ā chairman David Gonski said on Monday.
You might like
Sydney Airport is the nationās major gateway to international travel and the countryās busiest domestic hub.
It also owns on-ground retail assets and earns money from car parking and ground transport and other property.
In August, Sydney Airport posted a first-half net loss of $97.4 million, as coronavirus concerns and state and territory border closures prevented people from flying.
But its future looks brighter after Australia this month lowered its borders to allow international air travellers into NSW and Victoria.
Want to see more stories from InDaily Qld in your Google search results?
- Click here to set InDaily Qld as a preferred source.
- Tick the box next to "InDaily Qld". That's it.
