Sydney Airport Receives $17 Billion Takeover Bid, Sending Shares Soaring

Sydney Airport said Monday it has received a A$22.3 billion ($17 billion) takeover bid from a group of infrastructure investors, sending its shares soaring on the Australian bourse.

The consortium—comprising of IFM Investors, QSuper Board and Global Infrastructure Management LLC—is seeking to buyout Australia’s largest airport operator at A$8.25 a share, Sydney Airport said in a statement to the Australian Stock Exchange. The offer is at a 42% premium from the stock’s closing price on Friday, sending the share price surging more than 30% in ASX trading.

The offer is a significant bet on the recovery of the global aviation industry, which has been upended in the past

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