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Sydney Airport Gets $17 Billion Offer in Bet on Travel Rebound

  • Succesful deal would be biggest takeover of Australian company
  • Bid is below value of Sydney Airport stock before pandemic hit
Updated on

Sydney Airport received a A$22.3 billion ($17 billion) takeover offer from a group including IFM Investors in what would be Australia’s largest acquisition and one of the boldest bets on a recovery in global travel since the pandemic started.

The offer values Sydney Airport shares at A$8.25 each, the company said in a statement Monday. While that’s 42% higher than Friday’s closing price, it’s below the stock’s peak of around A$9 in late 2019 before Covid-19 devastated aviation. The shares closed up 34% to A$7.76 on Monday.