Infrastructure

    Advising on the acquisition of Sydney Airport by the Sydney Aviation Alliance

    Macquarie Capital advised on a landmark transaction, the Sydney Aviation Alliance’s acquisition of Sydney Airport

    Sector Infrastructure
    Sub-sector Transport
    Location Australia

    Opportunity

    The acquisition and take-private of Sydney Airport by the Sydney Aviation Alliance (SAA) was a landmark investment in one of Australia’s premier infrastructure assets.

    Sydney Airport is Australia’s largest airport and served over 44 million passengers in 2019. Macquarie Capital acted as the financial adviser to the SAA, a consortium comprising some of the world’s largest infrastructure and airport investors: IFM Investors, Global Infrastructure Partners, QSuper and AustralianSuper.1

    Approach

    Macquarie Capital was mandated on the transaction following the initial approach to Sydney Airport’s board.

    Macquarie was able to leverage its deep expertise in the transport infrastructure sector, drawing upon extensive prior experience involving airports and listed infrastructure transactions. The Macquarie team provided strategic M&A advice, assisting the client in securing access to due diligence following two earlier offers and was able to support the client by drawing upon relationships with key process stakeholders, securing transaction outcomes.

    Outcome

    Sydney Airport’s board unanimously recommended the transaction at a cash offer price of $A8.75 per stapled security, and SAA acquired the Airport at an equity valuation of $A23.6 billion.

    The acquisition is Australia’s largest listed infrastructure transaction to date.2

    $A23.6 billion

    equity valuation

    #1

    largest Australian listed infrastructure transaction2

    $A32 billion

    enterprise valuation

    #1

    largest Australian listed cash acquisition2

    1. SAA comprises various investment and infrastructure funds affiliated with or managed by IFM Investors, Global Infrastructure Partners, QSuper and AustralianSuper.
    2. Dealogic (to 22 November 2022 ASX listed M&A by value).

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