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Sydney Airport gets $16.7 billion buyout bid; stock surge misses offer price
By Jamie Freed and Scott Murdoch
Reuters
SYDNEY (Reuters) -Sydney Airport Holdings Pty Ltd on Monday said a group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of the operator of Australia s biggest airport, sending its shares surging albeit short of the offer price.
If successful, the deal would be Australia s biggest this year, eclipsing the $8.1 billion spin-off of Endeavour Group Ltd and Star Entertainment Group Ltd s $7.3 billion bid for Crown Resorts Ltd.
The Sydney Aviation Alliance - a consortium comprising IFM Investors, QSuper and Global Infrastructure Partners - has offered A$8.25 per Sydney Airport share, a 42% premium to the stock s Friday close.
Publishing date: Jul 04, 2021 • 6 hours ago • 3 minute read •
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SYDNEY Sydney Airport Holdings Pty Ltd on Monday said a group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of the operator of Australia’s biggest airport, sending its shares surging albeit short of the offer price.
If successful, the deal would be Australia’s biggest this year, eclipsing the $8.1 billion spin-off of Endeavour Group Ltd and Star Entertainment Group Ltd’s $7.3 billion bid for Crown Resorts Ltd.
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Sydney Airport gets $16.7 billion buyout bid as investors take longer-term view on travel
FILE PHOTO: Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. Picture taken October 25, 2017. REUTERS/Steven Saphore
July 5, 2021
By Jamie Freed and Scott Murdoch
SYDNEY (Reuters) -A group of infrastructure investors has proposed one of Australia’s biggest-ever buyouts, a A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the pandemic-battered travel sector.
The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. The purchase, with an enterprise value of A$30 billion including debt, would allow them to reap financial benefits when borders reopen and travel demand rebounds.
Publishing date: Jul 05, 2021 • 13 hours ago • 3 minute read •
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SYDNEY A group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of Sydney Airport Holdings Pty Ltd, the operator of Australia’s biggest airport, taking a longer-term view on the pandemic-battered travel sector.
Record-low interest rates have led pension funds and their investment managers to chase higher yields. The purchase, with an enterprise value of A$30 billion including debt, would allow them to reap financial benefits when borders reopen and travel demand rebounds.
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