Aerial view of the Jetstar Terminal at Sydney Airport, Australia on April 22, 2020, Sydney, Australia. Ryan Pierse/Getty ImagesSydney Airport announced Monday that it received a takeover offer from a group infrastructure investors for A$22.3 billion ($17.4 billion). This sent its shares skyrocketing on the Australian Stock Exchange.A consortium consisting of IFM Investors and QSuper Board, as well as Global Infrastructure Management LLC, is seeking to purchase Australia's largest airport operator for A$8.25 per share, Sydney Airport stated in a statement to Australian Stock Exchange. The offer comes at 42% more than the stock closing price Friday. This led to the share price soaring over 30% in ASX trading.This offer is a major bet on the global aviation industry's recovery after it was decimated by the closure of international borders around the globe to stop the spread of the Covid-19 pandemic. Sydney Airport reported that May's total passenger traffic fell 59% compared with the same period in 2019.All consortium members have stakes in Australian and U.K. airports. IFM has stakes in Melbourne, Brisbane and Perth airports, while QSuper holds a stake at London's Heathrow Airport. Global Infrastructure is invested at Gatwick and London City Airports.UniSuperowner of a 15% share in Sydney Airport agrees to reinvest its equity in Sydney Airport in order to obtain an equivalent stake in the group holding company.Sydney Airport stated that its board is currently evaluating whether the proposal reflects the airport's underlying value given its long-term concessions and the anticipated short-term effects of the pandemic.As the government struggles with rising infectious diseases in major cities like Sydney, Australia's international borders have been closed since March 2013.Before the opening of Western Sydney Airport in 2026, Sydney Airport has held the traffic monopoly in Australia's largest city.
