Sydney Airport takeover ready for takeoff as shareholders approve deal

Sydney Airport takeover ready for takeoff as shareholders approve deal

Sydney Airport (ASX: SYD) is set to delist from the ASX next week after shareholders approved a takeover of the company yesterday, meaning a coalition of Australian superannuation funds will take control of the airport.

At yesterday’s scheme meeting, 96.03 per cent of votes cast were in favour of the takeover meaning the deal will go ahead unless the Federal Court decides to block the acquisition.

A not insignificant number of retail investors did vote against the acquisition though, with 20.71 per cent of shareholders voting to block the play. However, their voting power only represented 3.97 per cent of votes cast in total.

The $23.6 billion takeover offer from the Sydney Aviation Alliance will see the airport become a privately held company, held by a consortium of various investment and infrastructure funds affiliated with or managed by IFM Australian Infrastructure Fund, IFM Global Infrastructure Fund, AustralianSuper, QSuper and Global Infrastructure Partners.

Post-acquisition, UniSuper will continue to hold a 15.01 per cent interest in the company.

If the deal receives the blessing of the Court, Sydney Airport will apply for its securities to be suspended from trading on the ASX from the close of trade on Wednesday, 9 February.

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