Sydney Airport board agrees to $24 billion takeover

Sydney Airport is Australia's busiest airport. Photo / AP

The board of Sydney Airport has agreed to a takeover bid from a consortium led by Melbourne-based IFM Investors for US$17.5 billion ($24.6b).

The consortium, Sydney Aviation Alliance, offered Sydney Airport shareholders A$8.75 ($9.09) per share, Sydney Airport Limited announced to the ASX today.

The takeover is subject to a shareholder vote which is expected to take place in the first quarter of next year.

The IFM-led consortium had previously had bids of A$8.25 per share and A$8.45 per share rejected in July and August respectively.

Sydney Airport is Australia's busiest airport, and was used by 44.4 million passengers in 2018.

Shares in Sydney Airport were up 2.79 per cent to A$8.46 at 3pm NZT.