Australia’s first airport will be sold to the Sydney Aviation Alliance (SAA) consortium, which brings together Australian pension funds and investors from the infrastructure sector. The operation is still subject to a shareholder vote.
In total, SAA, the consortium that wants to acquire the infrastructure is expected to spend 23.6 billion Australian dollars (15.1 billion euros) for its offer Australia’s largest airport.
The amount of the sale is ultimately slightly higher than expected. The previous bids had been rejected because they were considered too low.
This Sydney Aviation Alliance brings together Australian pension funds and investors in the infrastructure sector. The airport’s board of directors unanimously approved this offer and called on its shareholders to vote in favour of the sale.
Shareholders are expected to review the transaction at a meeting in the first quarter of 2022, with a 75% majority required for it to be approved.
The context of the pandemic had brought down the value of the airport. “The indicative price is below what was the value of the Sydney Airport ticket before the pandemic,” said the infrastructure manager.