Sydney Airport’s board has backed a $32 billion takeover from IFM Investors and the Global Infrastructure Partners’ consortium, lining up a possible battle with the Australian and European Union competition watchdogs.
Sydney airport told investors on Monday morning the board had received the consortium’s binding offer $8.75 over the weekend, and decided to recommend investors accept it at a shareholder meeting expected to be held in March.
Major shareholder UniSuper will exchange its existing interest of 15.01 per cent in Sydney Airport for an equivalent stake in the Sydney Aviation Alliance.
The deal faces scrutiny from Australian Competition and Consumer Commission because IFM Investors holds stakes in nine other Australian airports including Melbourne and Brisbane.
The watchdog already started taking submissions on the consortium’s offer, dubbed Sydney Aviation Alliance, from airlines and aviation services companies last month.
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