Sydney Airport received a multi-billion-dollar takeover bid from a consortium of Australian investors on Monday, sending its share price soaring.

The consortium of infrastructure investors and Australian pension funds offered Aus$8.25 per share – or Aus$22.3 billion (€14.3bn).

The proposal “has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price”, the airport’s board said in a statement to the Australian Securities Exchange. “The indicative price is below where Sydney Airport’s security price traded before the pandemic.”

The indicative price is below where Sydney Airport’s security price traded before the pandemic- Sydney Airport board

The investors – calling themselves the Sydney Aviation Alliance – confirmed the approach, saying they invested on behalf of more than six million Australian pension fund members.

The alliance said the proposal would ensure substantial ongoing Australian ownership of the country’s biggest airport, contending it was “in the long-term interest of Sydney and the travelling public”.

Sydney Airport’s share price spiked more than 30 per cent on the offer, which is now being considered by the company’s board.