Good evening,

It’s that time of year when if there’s any chance of a deal being done in 2022, it needs to get cracking.

So tonight we thought we would sniff around some of the M&A pipeline lists that investment bankers carry into every meeting, to see if we could spot a new name with some real deal movement behind it.

Sure enough, we found some activity at Timezone owner TEEG which, our spies tell us, is popping up in plenty of pitchbooks around town.

The reason is that TEEG’s owners, Quadrant Private Equity and the founding Steinberg family, have called in investment bankers to run a strategic review and consider future options, including the appetite of potential buyers. Goldman Sachs and Record Point have the mandate.

TEEG’s understood to be making about $100 million EBITDA a year which, perhaps surprisingly, is twice as much as it was before the pandemic and associated lockdowns.

Elsewhere, we take a look at Dexus’ pitch in a two-horse race for AMP Capital Wholesale Office Fund, and have spotted some strategic investor interest in ASX-listed Blackstone Minerals.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors