Sydney Airport Holding to recommend $17.5b buyout offer to security holders

FILE PHOTO: Travellers stand at a Virgin Australia Airlines counter at Kingsford Smith International Airport during the coronavirus outbreak, in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott/File Photo

 Sydney Airport Holding maintained intention to recommend security holders to vote in favour of an A$23.6 billion ($17.50 billion) takeover offer from an infrastructure investor group, as the four-week due diligence period has now ended.

In September, the sale of Australia’s biggest airport moved closer after the bidding consortium, Sydney Aviation Alliance (SAA), won permission to conduct due diligence on Sydney Airport Holdings, after sweetening its takeover offer to A$23.6 billion ($17.4 billion).

Sydney Airport added on Monday that it continued to negotiate the relevant transaction documents with a view to the parties seeking their respective internal approvals over the coming weeks.

Shares of Australia’s largest airport operator, which has risen about 44% since receiving the first buyout proposal in July, was down by nearly 1% at A$8.29 by 0251 GMT.

SAA is comprised of Australian investors IFM Investors, QSuper and AustralianSuper and U.S.-based Global Infrastructure Partners.

The deal will require an independent expert’s report, approval from 75% of shareholders and a green light from the competition regulator and the Foreign Investment Review Board to go through, in a process that typically takes months to complete.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.