Connect with us

Aerospace

A cohort of industry super funds has made a $22 billion takeover bid for Sydney Airport

Sydney Airport has received a non-binding takeover offer from a cohort of industry superannuation fund investors looking to capitalise on the pandemic-induced weakness in the aviation sector.

Published

on


Sydney Airport has received a non-binding takeover offer from a cohort of industry superannuation fund investors looking to capitalise on the pandemic-induced weakness in the aviation sector.

ASX-listed Sydney Airport said a consortium comprising the industry super sector’s asset manager, IFM Investors, QSuper and North American pension funds Global Infrastructure Management have lobbed a bid that values the company at more than $22 billion.

At a price of $8.25 a share the offer is at a 42 per cent premium to Sydney Airport’s closing price on Friday of $5.81.

Sydney Airport’s board said it would assess the proposal, but also pointed out that it valued the airport at less than its pre-COVID valuation, and stressed the damage caused by the pandemic would be short-term.

“The Sydney Airport Boards note that Sydney Airport is a world class airport and one of Australia’s most important infrastructure assets. Sydney Airport is Australia’s largest airport and is the gateway to international travel in and out of Australia,” it said.

“The indicative proposal has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price. The indicative price is below where Sydney Airport’s security price traded before the pandemic,” it said.

In early trading, Sydney Airport shares surged 32 per cent to $7.58.

IFM Investors manages more than $150 billion in assets, and is owned by superannuation giants including Australian Super, Cbus, HESTA and Hostplus.

Sydney Airport is already about 15 per cent owned by UniSuper, another major industry super fund. A condition of the bid is that UniSuper reinvest its interest in the airport for an equivalent interest in the consortium’s holding vehicle, rather than receive cash for its stake.

The bid is also subject to other conditions, including the consortium being able to conduct due diligence.

IFM already owns 25 per cent of Melbourne Airport, 20 per cent of Brisbane Airport, 13 per cent of Adelaide Airport, and a stake in Perth Airport, which are all unlisted.

This story originally appeared in the Sydney Morning Herald. Read the original story here.

Continue Reading

Microsoft and partners may be compensated if you purchase something through recommended links in this article.

Send MSN Feedback

Please give an overall site rating:

“The Sydney Airport Boards note that Sydney Airport is a world class airport and one of Australia’s most important infrastructure assets. Sydney Airport is Australia’s largest airport and is the gateway to international travel in and out of Australia,” it said.

Source: https://www.msn.com/en-us/travel/news/a-cohort-of-industry-super-funds-have-made-a-22-billion-takeover-bid-for-sydney-airport/ar-AALLWAg

Aerospace

Dubai Airshow 2021 sees USD 78 billion worth of deals

The event welcomed more than 104,000 attendees and witnessed a 50% increase in trade visitors which included global senior executives from 148 countries. The Airshow was bigger than the pre-pandemic 2019 edition in terms of visitor numbers and deals announced. It was also a significant milestone for the defence and space sectors which saw a range of deals and agreements declared.

Published

on

The event welcomed more than 104,000 attendees and witnessed a 50% increase in trade visitors which included global senior executives from 148 countries. The Airshow was bigger than the pre-pandemic 2019 edition in terms of visitor numbers and deals announced. It was also a significant milestone for the defence and space sectors which saw a range of deals and agreements declared.

Some of the notable deals which took place during the event included Airbus who announced orders and commitments totalling 408 aircraft (269 firm orders and 139 commitments). The agreements covered the full range of commercial aircraft families, including a first commitment for the A350F freighter derivative. Airbus launched its latest global market forecast outlining progressively shifting demand from fleet growth to accelerated retirement of older, less fuel-efficient aircraft resulting in a need for some 39,000 new-build passenger and freighter aircraft. Of these,15,250 aircraft (around 40%) are for replacements.

On the opening day of the show alone, Indigo Partners portfolio airlines placed a firm order for 255 A321neo Family aircraft, including 29 XLR. This included Wizz Air ordering 102 aircraft (75 A321neo + 27 A321XLR); Frontier 91 aircraft (A321neo); Volaris 39 aircraft (A321neo) and JetSMART 23 aircraft (21 A321neo + 2 A321XLR).

Boeing announced an order of 72 of its 737 Max from new Indian airline Akasa Air. It also announced orders for 11 of its 737-800BCF cargo planes from aircraft leasing company Icelease, nine converted 767-300BCF freighters from DHL, and orders for two of its long-range 777F freighters from Emirates SkyCargo. Boeing received four orders of passenger planes and freighters from Air Tanzania and three of its widebody 777-300 passenger jets from UAE-based aviation services provider Sky One FZE.

The UAE’s Ministry of Defence signed AED 22.5 billion worth of contracts with European, American and Asian contractors and suppliers at the Airshow. The UAE Air Force and Air Defence (Afad) on the first day awarded a contract worth Dh11 billion to Abu Dhabi-based advanced technology firm Edge Group’s subsidiary GAL for the maintenance, repair and overhaul (MRO), and specialised support services for the UAE Airforce and Air Defence.

Tawazun Economic Council (Tawazun) and Airbus signed a Memorandum of Understanding (MoU) under which the latter will establish a wholly-owned facility in Abu Dhabi. The formation of the subsidiary is part of Tawazun’s efforts to attract and promote long-term partnerships with major companies in the defence, aviation and aerospace sector. Tawazun also signed a Euro 216.9 million deal with Aeroter to purchase 100 VRT500 helicopters.

Dubai Airshow and the UAE Space Agency signed a MoU on the second day of the event. The two parties will collaborate to further position Dubai Airshow as a key platform for companies and investors in the space sector. The partnership will support organisations looking to establish a presence at future editions of the event and will enable space companies to benefit from the participation, engagements, networking and agreements created at Dubai Airshow. The agreement will deliver an increased focus on the space industry for future editions of the event highlighting the continued growth and development of the international space sector.

Timothy Hawes, managing director at Tarsus Middle East, organisers of Dubai Airshow 2021 said: “It has been a truly incredible Dubai Airshow. The event has been a real testament to the resilience, robustness and adaptability of the aviation and aerospace industries to come back with such strength after the pandemic. We have seen an industry transition with significant levels of innovation, technological advancement and digital transformation right across the show with many exhibitors displaying brand new solutions. There has also been greater commitments towards sustainability and decarbonisation, which is of critical importance across the globe. The attendance levels of global senior executives from across the industries has also never been higher than this year.

“We thank the UAE leadership for their continuous support, trust and guidance in helping make this the biggest ever event of its kind. USD 78 billion worth of deals truly shows that the industry has an exciting and prosperous future with partnerships and collaboration at its heart. Dubai Airshow is today recognized as a world-class platform that shapes the future of the aerospace sector and we thank everyone involved for helping to make the 2021 edition a truly pivotal moment and a resounding success.”

Stay up to date

Subscribe to the free Times Aerospace newsletter and receive the latest content every week. We’ll never share your email address.

Source: https://www.timesaerospace.aero/news/events/dubai-airshow-2021-sees-usd-78-billion-worth-of-deals

Continue Reading

Aerospace

How NASA’s Curiosity Rover Is Making Mars Safer for Astronau

–A radiation sensor aboard the spacecraft is providing new data on the health risks humans would face on the surface.

Published

on

  • A radiation sensor aboard the spacecraft is providing new data on the health risks humans would face on the surface.

Could lava tubes, caves, or subsurface habitats offer safe refuge for future astronauts on Mars? Scientists with NASA’s Curiosity Mars rover team are helping explore questions like that with the Radiation Assessment Detector, or RAD.

Unlike Earth, Mars doesn’t have a magnetic field to shield it from the high-energy particles whizzing around in space. That radiation can wreak havoc on human health, and it can seriously compromise the life support systems that Mars astronauts will depend on, as well.

Based on data from Curiosity’s RAD, researchers are finding that using natural materials such as the rock and sediment on Mars could offer some protection from this ever-present space radiation. In a paper published this summer in JGR Planets, they detailed how Curiosity remained parked against a cliff at a location called “Murray Buttes” from Sept. 9 to 21, 2016.

Signals Intelligence (SIGINT) – Market and Technology Forecast to 2029–>

Signals Intelligence (SIGINT) - Market and Technology Forecast to 2029

Signals Intelligence (SIGINT) – Market and Technology Forecast to 2029

Market forecasts by Region, Type, System Element, Platform, and Component. Market and Technology Overview, Country, Scenario and Opportunity Analysis, and Leading Company Profiles

Published: September 2021 – Pages: 200 pages

–>

Download free sample pages

While there, RAD measured a 4% decrease in overall radiation. More significantly, the instrument detected a 7.5% decrease in neutral particle radiation, including neutrons that can penetrate rock and are especially harmful to human health. These numbers are statistically high enough to show it was due to Curiosity’s location at the foot of the cliff rather than normal changes in the background radiation.

“We’ve been waiting a long time for the right conditions to get these results, which are critical to ensure the accuracy of our computer models,” said Bent Ehresmann of the Southwest Research Institute, lead author of the recent paper. “At Murray Buttes, we finally had these conditions and the data to analyze this effect. We’re now looking for other locations where RAD can repeat these kinds of measurements.”

A Space Weather Outpost on Mars
Most of the radiation measured by RAD comes from galactic cosmic rays – particles cast out by exploding stars and sent pinballing throughout the universe. This forms a carpet of “background radiation” that can pose health risks for humans.

Far more intense radiation sporadically comes from the Sun in the form of solar storms that throw massive arcs of ionized gas into interplanetary space.

“These structures twist in space, sometimes forming complex croissant-shaped flux tubes larger than Earth, driving shock waves that can efficiently energize particles,” said Jingnan Guo, who led a study, published in September in The Astronomy and Astrophysics Review, analyzing nine years of RAD data while she was at Germany’s Christian Albrecht University.

“Cosmic rays, solar radiation, solar storms – they are all components of space weather, and RAD is effectively a space weather outpost on the surface of Mars,” says Don Hassler of the Southwest Research Institute, principal investigator of the RAD instrument.

Solar storms occur with varying frequency based on 11-year cycles, with certain cycles bearing more frequent and energetic storms than others. Counterintuitively, the periods when solar activity is at its highest may be the safest time for future astronauts on Mars: The increased solar activity shields the Red Planet from cosmic rays by as much as 30 to 50%, compared to periods when solar activity is lower.

“It’s a trade-off,” Guo said. “These high-intensity periods reduce one source of radiation: the omnipresent, high-energy cosmic ray background radiation around Mars. But at the same time, astronauts will have to contend with intermittent, more intense radiation from solar storms.”

“The observations from RAD are key to developing the ability to predict and measure space weather, the Sun’s influence on Earth and other solar system bodies,” said Jim Spann, space weather lead for NASA’s Heliophysics Division. “As NASA plans for eventual human journeys to Mars, RAD serves as an outpost and part of the Heliophysics System Observatory – a fleet of 27 missions that investigates the Sun and its influence on space – whose research supports our understanding of and exploration of space.”

RAD has measured the impact of more than a dozen solar storms to date (five while traveling to Mars in 2012), although these past nine years have marked an especially weak period of solar activity.

Scientists are just now starting to see activity pick up as the Sun comes out of its slumber and becomes more active. In fact, RAD observed evidence of the first X-class flare of the new solar cycle on Oct. 28, 2021. X-class flares are the most intense category of solar flares, the largest of which can lead to power outages and communications blackouts on Earth.

“This is an exciting time for us, because one of the important objectives of RAD is to characterize the extremes of space weather. Events such as solar flares and storms are one type of space weather that happens most frequently during increased solar activity – the time we are approaching now,” Ehresmann said. More observations are needed to assess just how dangerous a really powerful solar storm would be to humans on the Martian surface.

RAD’s findings will feed into a much larger body of data being compiled for future crewed missions. In fact, NASA even equipped Curiosity’s counterpart, the Perseverance rover, with samples of spacesuit materials to assess how they hold up to radiation over time.

Source: NASA
Date: Nov 17, 2021

MF Market Sentiment 21-08

While there, RAD measured a 4% decrease in overall radiation. More significantly, the instrument detected a 7.5% decrease in neutral particle radiation, including neutrons that can penetrate rock and are especially harmful to human health. These numbers are statistically high enough to show it was due to Curiosity’s location at the foot of the cliff rather than normal changes in the background radiation.

Source: https://www.asdnews.com/news/aerospace/2021/11/17/how-nasas-curiosity-rover-making-mars-safer-astronauts

Continue Reading

Aerospace

GE Aviation ready to look at acquisitions as it eyes growth

DUBAI (Reuters) -GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co , its top executive said on Monday. “I want to be clear that our opportunities to be strategic in the marketplace are effective today,” he said in an interview at the Dubai Airshow, adding such opportunities “probably run deeper and wider” in systems such as electric power systems than in jet engines. “We do want to grow; the opportunities are there within our ecosystem of aerospace and defense so there will be plenty of opportunities for growth,” Slattery said.

Published

on

By Tim Hepher and Rajesh Kumar Singh

DUBAI (Reuters) -GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric Co , its top executive said on Monday.

“(If there is) alignment with our strategic goals and assuming that the business case makes sense, we are open to look at opportunities,” GE Aviation Chief Executive John Slattery told Reuters.

“I want to be clear that our opportunities to be strategic in the marketplace are effective today,” he said in an interview at the Dubai Airshow, adding such opportunities “probably run deeper and wider” in systems such as electric power systems than in jet engines.

“We do want to grow; the opportunities are there within our ecosystem of aerospace and defense so there will be plenty of opportunities for growth,” Slattery said.

He stressed the world’s largest aero engine maker felt under “no undue pressure” to make external investments.

General Electric (GE) last week announced plans to spin off its businesses into three public companies, marking the end of the 129-year-old conglomerate.

The Boston-based company will separate the healthcare company in early 2023. It will combine GE Renewable Energy, GE Power and GE Digital and spin off the business in early 2024.

Following the split, it will become an aviation company, helmed by Chairman and Chief Executive Larry Culp.

The aviation company will inherit GE’s other assets and liabilities, including its runoff insurance business.

Slattery said GE Aviation had not been placed under any restrictions by Culp or the board limiting its ability to look at adjacent technologies “or other inorganic opportunities” – as long as they fit the strategy and have a good business case.

“If they do, we are not time-bound in terms of waiting until the spin-offs occur,” Slattery said.

BROADER APERTURE

“I think it is probably fair to say the opportunities to broaden the aperture … probably run deeper and wider in our systems business than they would in inorganic (acquisition) opportunities on the commercial or military engine front.”

Analysts say high-tech systems and associated technologies are key to the future of aircraft which will see a more seamless integration between powerplants and airframes than in the past.

GE Aviation’s main competitor in engines for in-demand narrowbody commercial jet engines and in military jet engines, Pratt & Whitney, is part of the Raytheon Technologies conglomerate that combines a broad slate of aircraft systems.

In the past three years, Culp has focused on reducing debt by selling assets.

After a $30 billion deal in March to merge GE’s jet-leasing unit with Ireland’s AerCap, Culp said GE would look to “play more offense” to grow its industrial business.

Since then, the company has pursued “bolt-on” acquisitions in the healthcare space.

GE and French partner Safran have announced proposals for a new open-fan jet engine that would include some hybrid-electric power, while electrification is seen as one promising path for decarbonisation of smaller aircraft.

Current-generation engines and aircraft systems are already interconnected to a growing extent, generating service revenues.

Systems and other items generated about $4.5 billion in revenue in 2020, accounting for about one-fifth of GE Aviation’s revenue. The share went up from 13% in 2019 as revenues from commercial engines and services were depressed by COVID-19.

GE has not described the new structure in detail.

Asked about his role after the planned GE break-up, Irish-born Slattery said GE Aviation would continue to exist as a unit within an aero-focused GE and that he would continue to run it under Culp after joining from Brazil’s Embraer last year.

GE would also independently hold equity interests in AerCap and Baker Hughes as well as a number of legacy liabilities that would be managed independently of GE Aviation, he said.

“I am excited about the opportunity to continue to work with Larry in the years ahead and to learn from him and to fly his wing and let him fly my wing,” Slattery said.

(Reporting by Tim Hepher and Rajesh Kumar SinghEditing by David Evans, Mark Potter and David Gregorio)

Source: https://finance.yahoo.com/news/ge-aviation-ready-look-acquisitions-175210235.html

Continue Reading

Trending