The Australian Foreign Investment Review Board (FIRB) has given the go-ahead to the takeover offer of Sydney Airport by the Sydney Aviation Alliance (SAA) consortium.
SAA received a written notice from the board, stating that it has no objection to the proposed takeover.
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Last month, Sydney Airport Holdings accepted the $17.4bn (A$23.6bn) acquisition offer from SAA.
The consortium comprises IFM Investors, QSuper, AustralianSuper and Global Infrastructure Partners.
As agreed, Sydney Airport Security holders will get $6.47 (A$8.75) in cash per share.
With the nod of FIRB, the “condition precedent in clause 3.1(a) of the Scheme Implementation Deed (“SID”) between Sydney Airport and SAA” has been fulfilled.
As a result, all regulatory conditions under the SID have now been met.
Earlier this month, the offer secured the approval of Australia’s competition regulator, which stated that the acquisition would not lead to substantial lessening of competition.
The proposal was also cleared by the European Commission.
In a statement, Sydney Airport said: “The implementation of the schemes remains subject to a number of conditions, including approval of Sydney Airport Securityholders at the Scheme Meetings, court approval, and the satisfaction or waiver (where capable of waiver) of certain other customary conditions as outlined in the Scheme Booklet and in the SID.”
The Sydney Airport Board has unanimously recommended its securityholders to vote in favour of the acquisition bid, if there is no superior offer.
Sydney Airport said: “Subject to the same qualification, each member of the Sydney Airport Board intends to vote, or cause to be voted, any Sydney Airport Securities held or controlled by them, in favour of the Schemes.”
