Sydney Airport agrees $17.5 bln takeover

Sydney Airport has agreed a $17.5 billion takeover bid.

Australia’s biggest hub will be acquired by a group of investors.

The Sydney Aviation Alliance includes Australia’s IFM Investors, and U.S.-based Global Infrastructure Partners.

And the deal announced Monday (November 8) marks one of the country’s biggest ever buyouts.

It’s still conditional on approval from shareholders, regulators and officials - a process that could take months.

Australia’s competition watchdog is taking a close look, as the investor group also owns stakes in other airports in the country.

The regulator is due to release its findings on December 16.

It all comes as Australia this month lifted some international travel restrictions for the first time since the global health crisis began.

The investors say they intend to focus on raising flight and passenger numbers again.

Shares in the Sydney hub - Australia’s only listed airport - gained almost 2.8% following the news.

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