Sydney Airport (SYD) in Australia has secured a $16.7bn (A$22.2bn) buyout bid from a consortium of investors.

The offer is said to be an ‘unsolicited, indicative, conditional and non-binding proposal’.

The Sydney Aviation Alliance, including IFM, QSuper and Global Infrastructure Partners, have offered to acquire 100% of the stapled securities in Sydney Airport at an indicative price of A$8.25 per share.

IFM already holds a stake in Melbourne, Brisbane, Perth and Adelaide while QSuper has a stake in Britain’s Heathrow Airport (LHR). Global Infrastructure is said to have invested in the UK’s Gatwick (LGW) and London City (LCY) airports.

The proposal was made by the consortium at a time when the global pandemic hit the aviation industry and Sydney Airport’s security price.

However, Sydney airport said that the proposal was below its pre-pandemic share price and said that it will assess the proposal.

The offer also depends on UniSuper, which holds a 15% stake in Sydney Airport, agreeing to reinvest its equity interest for an equivalent equity holding in the consortium’s vehicle.

For assessing this proposal, the airport has appointed Barrenjoey and UBS as financial advisers and Allens as its legal adviser.

The certainty of the proposal materialising into a deal is still uncertain.

Sydney Airport is said to be one of the largest airports in the country and serves as a gateway to international travel.