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Sydney Airport announced on Monday that it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group in one of Australia&#39;s biggest buyouts.</p>
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The company said in a statement it unanimously recommended the buyout offer from Sydney Aviation Alliance (SAA), comprising Australian investors IFM Investors, QSuper, AustralianSuper and U.S.-based Global Infrastructure Partners.</p>
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IFM Investors owns large stakes in airports in other Australian state capitals, including Brisbane and Melbourne.</p>
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However, the process for the takeover could still take months to complete.</p>
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&quot;The Sydney Airport Boards believe the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal to securityholders, subject to customary conditions such as independent expert approval and no superior proposal,&quot; Sydney Airport&#39;s chairman David Gonski said in a statement to the stock exchange.</p>
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The announcement of the deal for Australia&#39;s biggest airport operator came shortly after the country reopened its borders to international travel.</p>
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The agreement still needs to clear more hurdles until it can be completed, including an independent report on the takeover.</p>
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It also requires approval from three quarters of the airport&#39;s shareholders, as well as the greenlight from Australian regulators.</p>
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Sydney Airport&#39;s board said that it plans to hold meetings about the deal in the first quarter of 2022.</p>
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