Sydney Airport has received an unsolicited, indicative, conditional and non-binding proposal from a consortium of infrastructure investors to acquire, by way of scheme of arrangement and trust scheme, 100% of the stapled securities in Sydney Airport at an indicative price of A$8.25 cash per stapled security.
The Consortium comprises IFM Investors (Nominees) as trustee for IFM Australian
Infrastructure Fund, Conyers Trust Company (Cayman) as trustee for IFM Global Infrastructure Fund, QSuper Board (formerly the Board of Trustees of the State Public Sector Superannuation Scheme) as trustee for QSuper (formerly the State Public Sector Superannuation Scheme) and Global Infrastructure Management (on behalf of its managed and advised clients and funds).
Sydney Airport has appointed Barrenjoey and UBS as its financial advisers and Allens as its legal adviser.
The Sydney Airport Boards have commenced an assessment of the proposal. Since the Indicative Proposal has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price, the indicative price is below where Sydney Airport’s security price traded before the pandemic, say the Boards. The Boards are undertaking detailed analysis of, amongst other things, “whether the proposal is reflective of the underlying value of the airport given its long-term remaining concession and the expected short-term impact of the pandemic”.