Key points
- Sydney Airport shareholders voted in favour of the acquisition scheme
- The aviation hub will now be privately held
- The consortium values the asset at $23.6 billion
Sydney Airport (ASX: SYD) shares will shortly be leaving their long-term home on the ASX.
Sydney Airport shares first listed on the exchange in April 2002. Now, subject to final approval from the New South Wales Supreme Court, Sydney Airport shares will be removed from trade as of 9 February.
How did Sydney Airport shareholders vote?
In today's vote on the company's scheme resolution, taken at 11am AEDT, 96.03% of votes were cast in favour of proceeding at the General Company Scheme Meeting.
Additionally, the airport reported that 79.29% of the total number of shareholders voting at the meeting were in favour.
Due to ongoing uncertainty from the COVID-19 pandemic, the meeting took place virtually via Sydney Airport's online meeting platform.
David Gonski, chairman of the board of directors of Sydney Airport, convened the meeting. Noting the board's prior approval of the takeover offer, Gonski said, "After careful consideration… the Sydney Airport board took the view that the cash consideration of $8.75 per security does fairly reflect the fundamental long-term value of the airport."
Sydney Airport shareholders today strongly agreed.
A bit of background
If the NSW courts approve the takeover, as is widely expected, all of Sydney Airport's 2.70 billion outstanding shares will be taken over by the Sydney Aviation Alliance – a consortium of superannuation funds.
The $8.75 per share offer values the airport at $23.6 billion.
So who will own Sydney Airport moving forward?
As my Fool colleague Brooke Cooper explained earlier this week, Sydney Airport will be purchased in part by the consortium's leader IFM Investors – owned by 23 pension funds.
Global Infrastructure Partners – on behalf of its managed funds and clients – is also expected to have a tight hold on the consortium.
Super funds AustralianSuper, QSuper, and UniSuper will also hold interests ranging from 7.5% to 18%.
How have Sydney Airport shares been performing?
Sydney Airport shares trended steadily higher since leaping to $7.78 per share on 6 July after the initial takeover bid, at the time $8.25 per share, hit the news.
Over the past 12 months, the Sydney Airport share price has gained an impressive 46%, despite a lack of domestic or international air travel.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 4% since this time last year.
