NBN Co goes to US for funding; VGI unleashes gunslinger; Smart money finds Dusk

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Good evening,

Monday

April 19, 2021

Street Talk

First Look

Good evening,

Merger Monday tossed up arguably the busiest day for deals in 2021.

Property manager Centuria Capital signed a deal to acquire Primewest, lithium players Galaxy Resources and Orocobre announced a $4 billion tie-up, Seven Group and Home Co Daily Needs had equity raisings and there was Oaktree’s proposal to fund James Packer’s exit at Crown Resorts.

It was a huge morning – and indicative of activity inside investment banks and law firms. There are mounting expectations that the June quarter could break Australian M&A activity records.

In Street Talk tomorrow, we look at NBN Co’s plans for its first offshore bond deal, and the brewing spat at fund manager VGI Partners which has taken a hostile turn.

We also have news on candle retailer Dusk’s newest investor and reveal the valuation being tossed around for Australian Clinical Labs’ $400m IPO.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors

Tomorrow’s headlines

Street Talk

NBN Co heads to US for funding, taps four investment banks

Australia’s NBN Co will pitch offshore debt investors for the first time this week, in an attempt to raise more than $1.5 billion in a US bond deal.

Street Talk

VGI Partners unleashes gunslinger on activists

There’s an epic spat brewing at Sydney fund manager VGI Partners.

Street Talk

Smart money finds Dusk, fingers point at Afterpay backer

Candle retailer Dusk Group looks to have found itself a new flame.

Street Talk

Aus Clinical Labs: $400m raising for IPO

Pathology group Australian Clinical Labs is seeking to raise $400 million in a deal valuing the group at $750 million to $800 million on a market capitalisation basis.

Street Talk