Sydney Airport sale nears completion; revalued up by USD1 billion

An unsolicited non-binding bid for Sydney's Kingsford Smith Airport back at the beginning of Jul-2021 has eventually - after two offer revisions and scrutiny by the airport's boards - become a binding one, valuing the airport at USD1 billion more than the original.

Australia's aviation sector is just starting to see the tide turning in its favour but there is a long way to go until normality is restored, and the responsibility for getting the airport back on track within whatever constraints that continue to exist will fall on the new owners, which are, at least, very experienced in operating them.

There is still the regulatory approval to gain, but that should be achievable. The new airport in the west of Sydney, due to open in five years' time, should be taken into everyone's calculations, but public commentary on it is lacking.

One thing this transaction might do is to kick-start dormant transactions elsewhere in the world, or even prompt new ones. There are as yet precious few of them.