Sydney Airport, Reviewing Acquisition Proposal Worth 19 Trillion Won

Photo by Reuters

[Asia Economy Reporter Yujin Cho] A consortium of infrastructure investors, including global asset management firm IFM Investors, Australian pension fund QSuper, and global infrastructure entities, has proposed a $16.7 billion (approximately 19 trillion KRW) cash acquisition of Sydney Airport Holdings, Australia's largest airport operator.

According to major foreign media on the 4th (local time), the Sydney Airport operator stated that it has received the acquisition proposal and is currently reviewing it.

The acquisition price per share reflects a 42% premium compared to the closing price on the 2nd (local time).

Due to the sharp decline in air travel demand caused by the COVID-19 pandemic, Sydney Airport's stock price has remained weak. The proposed acquisition price is also lower than the peak reached in January last year.

International passenger numbers at Sydney Airport dropped by approximately 93% year-on-year in May, while domestic passenger numbers decreased by about 39.2%.

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