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    SYD   AU000000SYD9

SYDNEY AIRPORT LIMITED

(SYD)
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Sydney Airport : maintains intention to recommend sweetened $17.5 billion buyout offer

10/17/2021 | 11:22pm EST
FILE PHOTO: People walk through the domestic terminal at Sydney Airport in Sydney, Australia

(Reuters) - Sydney Airport Holding Pty Ltd maintained intention to recommend securityholders to vote in favour of an A$23.6 billion ($17.50 billion) takeover offer from an infrastructure investor group, as the four-week due diligence period has now ended.

In September, the sale of Australia's biggest airport moved closer after the bidding consortium, Sydney Aviation Alliance (SAA), won permission to conduct due diligence on Sydney Airport Holdings, after sweetening its takeover offer to A$23.6 billion ($17.4 billion).

Sydney Airport added https://assets.ctfassets.net/v228i5y5k0x4/2Zi2egAxmFL8IqxwpAglTR/c1924370e80f994b47590170340722bf/Consortium_Proposal_Update.pdf on Monday that it continued to negotiate the relevant transaction documents with a view to the parties seeking their respective internal approvals over the coming weeks.

Shares of Australia's largest airport operator, which has risen about 44% since receiving the first buyout proposal in July, was down by nearly 1% at A$8.29 by 0251 GMT.

SAA is comprised of Australian investors IFM Investors, QSuper and AustralianSuper and U.S.-based Global Infrastructure Partners.

The deal will require an independent expert's report, approval from 75% of shareholders and a green light from the competition regulator and the Foreign Investment Review Board to go through, in a process that typically takes months to complete.

($1 = 1.3483 Australian dollars)

(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)


© Reuters 2021
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Analyst Recommendations on SYDNEY AIRPORT LIMITED
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Financials
Sales 2021 589 M 419 M 419 M
Net income 2021 -303 M -216 M -216 M
Net Debt 2021 8 068 M 5 746 M 5 746 M
P/E ratio 2021 -73,1x
Yield 2021 -
Capitalization 22 237 M 15 828 M 15 839 M
EV / Sales 2021 51,5x
EV / Sales 2022 27,3x
Nbr of Employees -
Free-Float 99,1%
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 8,30 AUD
Average target price 8,61 AUD
Spread / Average Target 3,78%
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Managers and Directors
Geoff Culbert Chief Executive Officer
Greg Botham Chief Financial Officer
Trevor Gerber Independent Non-Executive Chairman
Hugh Wehby Chief Operating Officer
John S. H. Roberts Independent Non-Executive Director