Simple Flying
Andrew Curran
A takeover bid for Sydney Airport faces a final hurdle as Australia’s competition watchdog, the Australian Competition and Consumer Commission (ACCC), reviews the sale. The review has the potential to blow up one of Australia’s biggest and most lucrative infrastructure deals.
On Monday, the board of the Sydney Airport Corporation, owner of Sydney Airport, recommended shareholders accept the US$17.5 billion takeover bid from a consortium of superannuation funds. The new owners will also take on existing debt, raising the deal’s total value to US23.75 billion.
A Sydney Morning Herald report drills down into who owns what. IFM will take a 15% stake in Sydney Airport. But IFM already owns 25% of Melbourne Airport and 20% of Brisbane Airport. Australian Super owns 10% of Perth Airport. Via the Queensland Investment Corporation, Q Super has a stake in Brisbane Airport.
