November was a big month for Sydney Airport (ASX: SYD), even if its share price didn't reflect the enormity.
The airport's long-discussed takeover finally got the green light early last month.
Despite the exciting happening, the Sydney Airport share price only gained 1.34% over the course of September. It ended the month 11 cents higher than it started, trading at $8.30.
Though, that blew the performance of the S&P/ASX 200 Index (ASX: XJO) out of the water – it tumbled 0.92% last month.
Let's take a closer look at the month that was for the major Australian airport.
Image source: Getty Images
What drove the Sydney Airport share price last month?
Sydney Airport accepted an $8.75 per share takeover offer posed to it by the Sydney Aviation Alliance – a consortium of infrastructure investors – on 8 November.
As The Motley Fool Australia reported, the deal puts the airport's enterprise value at $32 billion – a $2 billion premium.
The Sydney Airport share price rose 2.8% following the takeover's acceptance.
Though, the purchase will now face scrutiny by local and global watchdogs.
The alliance will need to get merger clearance from the European Union before the takeover can be finalised.
Australian bodies will also be casting their eye over the deal.
The Australian Competition and Consumer Commission and the Australian Foreign Investment Review Board will both get a say on the takeover.
There's also the issue of Australia's airport cross-ownership laws. Some members of the alliance already own significant stakes in other major Australian airports.
Entities can only own more than 15% of either Sydney, Brisbane, Melbourne, or Perth's airports.
Whether the alliance can bypass the law is yet to be seen.
Finally, Sydney Airport released promising – albeit not price-sensitive – news on 19 November when it provided its traffic data for October.
While October didn't see an influx of travellers, the airport noted it saw an uptick in passengers in early November.
Australia's international borders opened on 1 November, making the data particularly significant.
As of the end of November, the Sydney Airport share price was 29% higher than it was at the start of 2021. Additionally, it gained 39% over the 12 months ended 30 November.
