The Kiwi billionaire has tried numerous times to list various parts of his Rank Group empire - and this time he’s joined two complementary building products businesses to create what’s set to be pitched as a $1 billion-plus float contender.
Street Talk revealed it on Sunday. Brokers Barrenjoey and ForsythBarr have started briefing investors, keen to line them up for an introductory non-deal roadshow pitch. They’re helping to get it to the ASX and NZX boards in coming months.
Elsewhere, we’ve caught private equity firms running the numbers on outsourcing group AcquireBPO, hot on the heels of another big sale in the sector.
And we’ve got the findings of a detailed M&A study from law firm HWL Ebsworth, which reviewed 80 private M&A deals from the past two years to try to redefine the “new normal” in dealmaking.
Happy reading, Anthony Macdonald, Sarah Thompson and Kanik Sood Street Talk editors
Quadrant Private Equity and Five V Capital’s $1 billion-plus deal to sell Probe CX to KKR & Co has set the dealmakers scrambling to find the next big outsourcing deal and the spotlight is now settling on Melbourne’s AcquireBPO.
M&A deal terms have shifted back to the sellers’ favour with buyers now unlikely to get broad termination rights for material adverse changes and less likely to wrap up sellers in long-dated earn-out agreements.
Two weeks after Virtus Health signed a two-headed takeover with European buyout firm CapVest, questions are being asked about the deal’s underlying value.
As IGO’s $1.07 billion bid for Western Areas seeks the court’s blessings next month, the target’s shareholders are watching for the nitty-gritty around IGO’s tie-up with Wyloo Metals.
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