Macquarie Consortium Weighs Rival Bid for Sydney Airport

A consortium led by Macquarie Group Ltd. is exploring a rival offer for Sydney Airport, in a potential challenge to IFM Investors Pty’s A$22.3 billion ($17 billion) bid, Bloomberg News reported. The Australian firm has been speaking with potential partners, including local pension funds, about making a joint offer. The bidding group could include funds managed by Macquarie Infrastructure & Real Assets. Macquarie may also use some of its own capital for the deal and could seek to rope in some of the MIRA funds’ investors to join the consortium. Sydney Airport has risen 19% this year, giving it a market capitalization of about A$20.5 billion. Any transaction for Sydney Airport, Australia’s main overseas gateway, would be one of the boldest bets yet on a recovery in global travel after the coronavirus pandemic. Including debt, a purchase of Sydney Airport would rank as the largest-ever acquisition in the country and one of the world’s biggest airport deals in recent years, according to data compiled by Bloomberg. Read more.