Sydney Airport shareholders voted to agree to a $16.8 billion (A$23.6 billion) takeover offer from a group of investors. 

Shareholders representing a stake of 4% voted against the acquisition deal. Meanwhile, shareholders representing a stake of 96% backed the deal in a final voting tally. 

However, the final decision remains subject to court approval. The hearing at the Supreme Court of New South Wales is scheduled for February 9, 2022.  

If approved by the court, Sydney Airport Holdings, which owns 100% interest in Sydney Kingsford Smith Airport (SYD), will transfer shares to Sydney Aviation Alliance (SAA). SAA is composed of Australian investors IFM Investors, QSuper, AustralianSuper and U.S.-based Global Infrastructure Partners.  

Earlier in 2021, Sydney Airport rejected an improved takeover offer from a group of infrastructure investors, describing the offer as opportunistic. The proposal was made when interest rates were at a record low due to the ongoing COVID-19 pandemic. 

Sydney airport has rejected a higher takeover bid from a consortium, but says it is open to talks should the investors want to raise the offer.