Sydney Airport, Australia’s largest gateway airport, has accepted a A$23.6bn (€15.1bn) cash offer from a consortium made up of IFM Investors, AustralianSuper, QSuper and Global Infrastructure Partners.

IPE Real Assets understands that the Sydney Aviation Alliance consortium will assume the debts currently accrued by Sydney Airport. This will lift its total investment to A$30.2bn.

The consortium made an initial bid of A$22bn for Sydney Airport in July. It was later granted access by Sydney Airport to undertake due diligence following a third revised offer.

In a statement, the Sydney Airport board unanimously recommended that Sydney Airport securityholders vote in favour of a scheme implementation deed. The deal is also subject to certain regulatory approvals including antitrust clearance.

The statement said the airport’s largest shareholder, UniSuper, would transfer its existing interest of 15.01% in Sydney Airport for an equivalent interest in the holding structure of Sydney Aviation Alliance.

Sydney Airport Chairman, David Gonski, said: ”The Sydney Airport Board believes the outcome reflects appropriate long-term value for the airport, and unanimously recommends the proposal to securityholders, subject to customary conditions such as independent expert approval and no superior proposal.”

Sydney Airport Alliance spokesman and IFM Investors chief executive, David Neal, said: “Finalisation of the scheme of implementation deed is a significant step forward in this transaction, and we look forward to security holders voting on the proposed deal.”

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