Sydney Airport towards sale
The BoD agrees to USD 17.5 bn buyout deal
The Board of Directors of Kingsford Smith International Airport in Sydney, Australia, has announced that it has agreed to USD 17.5 bn buyout deal from a national consortium of local investors. The BoD of the airport unanimously approved the sale. Shareholders are expected to vote, as well as the go-ahead from the Civil Aviation Safety Authority.
"The Sydney Airport Board believes the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal to securityholders, subject to customary conditions such as independent expert approval and no superior proposal", Sydney airport's chairman David Gonski said in a statement.
The deal, if finalized, will be one of the largest acquisitions ever to take place on the continent. The consortium is called the Sydney Aviation Alliance (SAA). However, the sale must overcome a number of potential obstacles -from a shareholder vote to an independent expert opinion- that could delay finalizing the sale by months.
AVIONEWS - World Aeronautical Press Agency