IFM consortium to acquire Sydney Airport

An IFM-led consortium has entered into a scheme implementation deed to acquire 100% of Sydney Airport.

Sydney Aviation Alliance (SAA), which included IFM Australian Infrastructure Fund, IFM Global Infrastructure Fund, AustralianSuper, QSuper and Global Infrastructure Partners comprised the consortium that would take over.

The consortium previously had two proposals rejected, but was granted due diligence on the third proposal.

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Under the scheme, Sydney Airport security holders would receive the following considerations

  • UniSuper would transfer its existing interest of 15.01% in Sydney Airport for an equivalent interest in the holding structure of the consortium; and
  • All other security holders would receive $8.75 cash per stapled security.

The scheme valued Sydney Airport at approximately $23.6 billion and represented an uplift in equity value of approximately $1.3 billion to the price of $8.25 on the business day prior to the announcement.

The Sydney Airport boards unanimously recommended that security holders vote in favour of the scheme.

Meetings about the scheme were expected to be held in the Q1 of 2022.

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