Good morning,

The clock is ticking on the Jefferies-run process to find an investor for Rugby Australia. The bank’s M&A mastermind Michael Stock is running two different streams – private equity/minority interest on one side and debt on the other. Indicative proposals for both are due by the end of the week.

As for the bidders, Silver Lake is considered the most logical party. Global buyout bigwig CVC Capital Partners has also taken a look, among others.

But sightings of Rugby Australia boss Hamish McLennan at Fortescue’s 20th birthday party in the Pilbara on Saturday and at Tattarang’s waterfront offices in Perth has led to plenty of speculation that Andrew Forrest is very keen. The mining magnate is known to be a passionate supporter of local icons picking up RM Williams last year. The mining magnate has also funded Perth-based Super Rugby team Western Force.

For inspiration, Jeffries will likely point to Silver Lake’s $200 million investment in New Zealand’s All Blacksat a $3.5 billion valuation, but expectations are Rugby Australia will receive a significantly lower valuation.

Clayton Utz is on side for Tattarang.

Elsewhere, Thursday night was the awards knees-up at the Australian Investment Conference on the Gold Coast. Firm of the year went to Allegro Funds with Chester Moynihan accepting the top prize. Blackbird took out VC firm of the year, PEP picked up the large cap investment award and Anchorage the mid-cap honour.

Happy reading,

• UBS has launched a $NZ800 million block trade in Auckland Airport on behalf of Auckland Council.
• Energy Development Corp is seeking a buyer for its multibillion-dollar Queensland solar and battery project.
• Phil King’s Regal Funds has closed out Magellan short.
• Howard Marks’ special opportunities fund is chasing Australian dollars after trip down under.
• TPG has enlisted an ex-Goldman Sachs banker.
• Gary Paykel-backed New Zealand Auckland BioSciences is in the market seeking to raise $NZ10 million.
• Moelis has been tapped for Pacific Equity Partner’s big-premium bid for Healthia.

• UBS smashes banking record as it absorbs Credit Suisse; plans to slash about 3000 staff, Bloomberg reports.
• Adamantem’s Rob Koczkar says private equity investing should be easier, writes Aaron Weinman.
• Costa delays its dividend call with a takeover offer from Paine Schwartz up in the air, Brad Thompson reports.

Energy Development, which is selling its Queensland-based 207 megawatt solar and battery asset, is telling investors to expect nearly $1.2 billion in earnings over the project’s 30-year life.

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