Families walk out of the arrivals hall at Sydney鈥檚 International Airport on November 1, 2021, as Australia鈥檚 international border reopened almost 600 days after a pandemic closure began. AFP
SYDNEY 鈥� Sydney Airport announced Monday it had agreed to a by an Australian investor consortium, just days after reopening to international travel.
The airport鈥檚 board unanimously approved the sale to the Sydney Aviation Alliance 鈥� a consortium of infrastructure investors and Australian pension funds 鈥� and recommended shareholders vote in favor.
The alliance offered Aus$8.75 per share, or Aus$23.6 billion (US$17.5 billion), after its earlier offers in recent months were rejected as too low.
鈥淭oday鈥檚 announcement is the culmination of months of engagement between all parties,鈥� Sydney Airport chairman David Gonski said in a statement.
鈥淭he Sydney Airport Boards believe the outcome reflects appropriate long-term value for the airport.鈥�
The announcement comes in the wake of Australia鈥檚 international border partially reopening, almost 600 days after one of the world鈥檚 toughest pandemic border closures began.
Vaccinated Australians traveling via Sydney and Melbourne may now come and go without quarantine or obtaining an official exemption 鈥� with the move seen as the country鈥檚 first step in the gradual resumption of travel.
The airport sale remains subject to conditions, including聽an independent expert evaluation.
Shareholders are expected to consider the deal at a meeting in the first quarter of 2022, with a 75 percent majority required for it to gain approval.