Carsales.com opened Wednesday with a $500 million rights issue, showing there’s plenty of life in the equity capital markets for the right deal.
It has been sitting on a 30 per cent stake in Brazilian Web Motors since 2013, and you would have thought it could have waited a few more months, even if the company had its mind set on upping the stake.
But Carsales went the opposite way, shrugging off interest rate jitters to go to 70 per cent of Web Motors via a chunky equity raising being handled by UBS and Goldman Sachs.
That’s the fifth decent ECM deal Street Talk’s spotted this month, which has so far included blocks/lines (Ventia Services, Domino’s Pizza), a raid (InvoCare) and a recap (Bravura).
Over in M&A, Quadrant Private Equity has dragged childcare group Affinity Education to the pre-auction block. An investment bank parade should be under way soon.
Quadrant Private Equity has kicked off talks with investment banks and advisers for a strategic review and possible sale of its early childhood education business, Affinity Education.
Banker turned investor David Di Pilla’s 19 per cent stake at Sigma Healthcare has the market trying different deal structures for a fit, including whether an HMC-spurred property spin-off could make sense.
News Corp and Telstra-owned Foxtel is set to go cap in hand to banks for fresh debt funding, in a bid to lock in capital that could get it through to its long-planned initial public offering.
Former listed telco executive Geoff Horth has his eyes on a return to the ASX’s bright lights, this time overseeing digital infrastructure, utilities and technology play SUPA.
Funds rating house Zenith Investment Partners has wasted no time in slapping a “recommended” target on Doug Tynan’s new fund, backing the stockpicker and his team to make money for investors.
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