Sydney Airport shareholders accept USD 16.8 billion takeover offer

Sydney Airport shareholders voted to agree to a USD 16.8 billion (AUSD 23.6 billion) takeover offer from a group of investors. 

Shareholders representing a stake of 4% voted against the acquisition deal. Meanwhile, shareholders representing a stake of 96% backed the deal in a final voting tally. 

However, the final decision remains subject to court approval. The hearing at the Supreme Court of New South Wales is scheduled for February 9, 2022.  

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If approved by the court, Sydney Airport Holdings, which owns 100% interest in Sydney Kingsford Smith Airport (SYD), will transfer shares to Sydney Aviation Alliance (SAA). SAA is composed of Australian investors IFM Investors, QSuper, AustralianSuper and U.S.-based Global Infrastructure Partners.  

Earlier in 2021, Sydney Airport rejected an improved takeover offer from a group of infrastructure investors, describing the offer as opportunistic. The proposal was made when interest rates were at a record low due to the ongoing COVID-19 pandemic.