Shareholders of Australia-based Sydney Airport Holdings have approved a  $16.85bn (A$23.6bn) takeover offer from the Sydney Aviation Alliance (SAA) consortium.

Sydney Airport Holdings said that 79.29% of the shareholders voted in favour of the deal while 20.71% voted against the deal.

The voting took place at a Scheme Meeting on 3 February 2022.

Some retail investors voted against delisting of the airport, expressing their concern that the bid did not have a scrip component as they intended to continue their association with the company for a long term.

The airport’s largest shareholder UniSuper will transfer its 15% holding into the new entity.

Upon the completion of the deal, UniSuper will join Sydney Aviation Alliance (SAA) consortium that includes IFM Investors, QSuper and AustralianSuper and Global Infrastructure Partners.

The all-cash deal, said to be one of the biggest-ever buyouts in Australia, was cleared by the Australian Foreign Investment Review Board (FIRB) in December last year.

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According to the agreement, Sydney Airport Security holders will get $6.47 (A$8.75) in cash per share under this deal.

SAA obtained a written notice from the board, stating that it has no objection to the proposed takeover.

With the approval of FIRB, the ‘condition precedent in clause 3.1(a) of the Scheme Implementation Deed (SID) between Sydney Airport and SAA’ has been fulfilled.