The IFM consortium formed by IFM Investors, IFM Global Infrastructure Fund, QSuper, and Global Infrastructure Management has raised its bid for the acquisition of a 100% stake in Sydney Airport.

The new bid is AUD23.6 billion (US$17.35 billion) in cash. The consortium has received permission to conduct due diligence on Sydney Airport Holdings Pt Ltd, which is the only listed operator in Australia.

The board of Sydney Airport would recommend the acquisition at the current price if the consortium made a binding offer, there were no competing bids, and if the deal secured the approval of an independent expert. In addition, the proposal needs approval from the Australian Competition and Consumer Commission as well as from the Foreign Investment Review Board.