Sydney Airport (ASX:SYD) receives surprise $22b takeover bid

Company News

by Lauren Evans

Sydney Airport (ASX:SYD) has received an unsolicited takeover bid from a consortium of investors to acquire Sydney Airport at $8.25 per share, which amounts to more than $22 billion.

A consortium of investors, including the investment managers of QSuper, IFM Investors and Global Infrastructure Management, has proposed a cash buyout of the operator of Australia's biggest airport. The Sydney Airport Boards have commenced an assessment, and has appointed Barrenjoey and UBS as its financial advisers, along with Allens as its legal adviser.

The boards note that Sydney Airport is a world-class airport and one of Australia’s most important infrastructure assets. It is also a gateway to international travel in and out of Australia. The indicative proposal has been made during a global pandemic which has affected the share price of Sydney Airport and related aviation companies. The indicative price is below where Sydney Airport traded before the pandemic.

Shares in Sydney Aiport (ASX:SYD) are trading 32.96 per cent higher at $7.72.

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