Analysis
During 18 months of the COVID-19 pandemic there has been precious little M&A activity in the airports sector apart from Brazil and Japan, where the groundwork had been long been laid anyway.
Many people have openly speculated when it would start up again, but all have been blindsided by an out-of-left-field proposal by an Australian/US consortium to take over Sydney Airport in what would be Australia’s biggest corporate transaction and the biggest single one in the airports sector for many a year.
No sooner had analysts picked themselves up than another major player in the sector was reported to be considering forming a consortium for a counter-proposal.
ACCC to take ‘very close look’ at Sydney Airport bid issues By Neil Griffiths 12 July 2021
The ACCC has confirmed it will take a “very close look” at a super fund consortium’s bid to purchase Sydney Airport.
Earlier this month, the Sydney Aviation Alliance – made up of QSuper, IFM Australian Infrastructure Fund, the IFM Global Infrastructure Fund and Global Infrastructure Partners (GIP) – submitted a $22.3 billion proposal to acquire all of the stapled securities in Sydney Airport Limited and Sydney Airport Trust 1 via a scheme of arrangement and a trust scheme.
The regulator told InvestorDaily it will look at “relevant competition issues” given that IFM, GIP and QSuper are involved with other local airports.
Sydney Airport caught up in global M&A boom afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Super fund consortium bids for Sydney Airport investordaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investordaily.com.au Daily Mail and Mail on Sunday newspapers.