Approved · Waiver · decided in 22 days, 8 July 2026
UnclassifiedWA-90023ACCC register
SAS Trustee Corporation is acquiring additional shares in Australia Pacific Airport Corporation, owner and operator of Melbourne and Launceston Airports. This share acquisition increases STC's 18.47% interest, occurring under a pre-emptive regime after a Supreme Court decision for Dexus Capital Investment Services Pty Ltd to divest shares.
SAS Trustee Corporation ( STC ) is the trustee of the New South Wales State Superannuation Scheme, constituted by the State Authorities Superannuation Act 1987 (NSW) and acts as an institutional investor, investing in a diversified portfolio of assets. STC currently holds an 18.47% interest in the Australia Pacific Airport Corporation ( APAC ), which holds long-term leases to own and operate Melbourne Airport (Victoria) and Launceston Airport (Tasmania). Following a decision of the Supreme Court of New South Wales in May 2026, the APAC shares held by Dexus Capital Investment Services Pty Ltd are to be divested in accordance with the process contained in the Shareholders’ Deed which makes the shares available to existing, non-defaulting shareholders (including STC) under a pre-emptive share acquisition regime. By way of this process, STC proposes to acquire additional shares in APAC.