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Sydney Airport in Australia has received a $16.7 billion purchase bid.

A$22.26 billion ($16.7 billion; £12.1 billion) has been offered to the owner of Australia’s busiest airport.

The proposal, which is below its pre-pandemic stock market valuation, is being considered, according to Sydney Airport.

Its stock soared more than 30% after the takeover approach was disclosed, considered as a sign of confidence in the recovery of air traffic following the pandemic.

If the anticipated purchase goes through, it will be the country’s largest deal this year.

IFM Investors, QSuper, and Global Infrastructure Management formed a consortium to make an offer of A$8.25 per share, which is more than 40% higher than Sydney Airport’s closing price on Friday.

However, it remains significantly behind the A$8.86 record high reached by the company’s shares in January 2020, before the epidemic caused a drop in demand for air travel.

The offer comes less than a week after Australia declared a halving of international arrivals in the wake of a new wave of Covid outbreaks that sent half of the country under quarantine this week.

Only Australians and people with exemptions have been allowed to enter the nation due to the government’s stringent border controls.

The International traffic at Sydney Airport was 93 percent less than in 2019 in May. Domestic traffic decreased by 39.2% during the same period.

Australia will receive little over 3,000 people a week from 14 July – a measure that will remain until next year.

 

A monopoly has been maintained on the traffic to and from Australia’s largest metropolis, although the planned opening of the Western Sydney Airport is scheduled to come to an end in 2026.

 

Sydney Airport Holdings is the only airport operator to be listed in the stock market in Australia since it is owned by the infrastructure groups of other major airports.

 

IFM is involved in Melbourne, Brisbane, and Perth’s main Australian airports.