Sydney Airport mulling SCACH buyout: report
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Sydney Airport (SYD) is considering the purchase of the remaining 15.2% stake in Southern Cross Airports Corporation Holdings (SCACH), held mostly by Australian superannuation funds and offshore institutional investors, through either a cash offer or shares in the listed company, according to the Australian Financial Review.
According to the newspaper, Sydney Airport Ltd, which owns 84.8% of SCACH, which holds the airport, is considering a restructure of its intricate ownership structure.
The Future Fund stands to make more than $150 million if it moves to offload its stake in Sydney’s Kingsford Smith Airport, the AFR reports.
The Future Fund purchased the stake earlier this year in a $2 billion deal with the Australian Infrastructure Fund. The stake equates to a 2.6% holding and is worth around $7.8 billion.
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