Sydney Airport Agrees to $17.5 Billion Buyout Deal

Sydney Airport has agreed to accept a A$23.6bn (£13bn; $17.5bn) takeover bid from a group of investors, reported. If completed, the deal will one of Australia's biggest ever buyouts. The agreement came after Sydney Aviation Alliance (SAA) raised its bid in response to the airport's owner rebuffing its earlier offer. However, the proposed sale faces a number of potential obstacles, which means the process could still take months to complete. "The Sydney Airport Boards believe the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal to securityholders, subject to customary conditions such as independent expert approval and no superior proposal," Sydney Airport's chairman David Gonski said in a statement to the stock exchange. The announcement of the deal for Australia's biggest airport operator came shortly after the country reopened its borders to international travel. Read more.