© Reuters. FILE PHOTO: Passengers walk with their luggage towards departure gates at Sydney International Airport in Australia, October 25, 2017. Picture taken October 25, 2017. REUTERS/Steven Saphore

(Reuters) – Australia’s Sydney Airport Holdings Pty Ltd said on Monday a consortium of investors has proposed to buyout the airport operator for A$22.26 billion ($16.74 billion).

The A$8.25 per share proposal represents a 42% premium to Sydney Airport’s closing price on Friday. However, it is at discount to where the company’s shares were trading in 2020 prior to COVID-19 lockdowns.

Sydney Airport said the consortium comprises IFM Investors, pension fund QSuper and Global Instructure Management.

The company noted that the offer is below its pre-pandemic share price, and said it reviewing the proposal.

IFM, QSuper and Global Infrasture did not immediately respond to a request for comment.

The airport operator has hired Barrenjoey and UBS as financial advisers.

($1 = 1.3294 Australian dollars)

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