Fund Company Update

Consortium of super funds want to buy Sydney Airport

The Sydney Aviation Alliance, an Australian consortium has approached the board of Sydney airport with a non-binding proposal to acquire all securities in Sydney Airport Limited and Sydney Airport Trust 1 via a Scheme of Arrangement and Trust Scheme.

The consortium consists of the IFM Australian Infrastructure Fund, the IFM Global Infrastructure Fund, QSuper and Global Infrastructure Partners. The consortium members are superannuation funds. The proposal implies an equity value for Sydney Aiport of $22.3 billion and an enterprise value of $29.8 billion.

Westpac hands over general insurance companies to Allianz, sells NZ Life Insurance to Fidelity Life

In December 2020, Westpac announced that it was to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz. This transaction has now been completed, with the businesses sold for $725 million with an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.

Another announcement states Westpac has agreed with Fidelity Life Assurance Company Limited to sell Westpac Life-NZ- Limited with an exclusive 15-year agreement in place for the distribution of life insurance products to Westpac’s kiwi customers. The sale is worth NZ$400 million.