It could be one of Australia's biggest ever buyouts.
A group of infrastructure investors has proposed a $16.7 billion purchase of Sydney Airport.
They're taking a longer-term view on the battered travel sector.
The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields.
The purchase would allow them to reap financial benefits when borders reopen and travel demand rebounds.
If successful it would also rank as the eighth-biggest deal globally this year, and the second-largest airport purchase, behind the $30 billion buyout of Britain's Heathrow Airport in 2006.
The Sydney Aviation Alliance consortium has offered A$8.25 per Sydney Airport share - a 42% premium to the stock's Friday (July 2) close.
Sydney Airport noted the offer was below its pre-health crisis share price and said it would review the proposal.
Australia's international borders are widely expected to remain closed until at least the end of the year, due partly to a slower vaccination programme than in most developed countries.