Good evening,

Ellerston Capital-backed electrical equipment manufacturer NOJA Power is expected to be put on the auction block in early 2025, Street Talk can reveal.

It is understood NOJA Power’s four founder-owners are seeking to appoint an investment banking adviser before Christmas, sources said. American investment bank, Harris Williams, is said to be well-placed to snare the sell-side mandate.

Harris Williams will work alongside minority shareholder, Ellerston Capital, to explore strategic options including a trade sale or an initial public offering. NOJA Power is expected to fetch a sale price of as much as $1 billion, the sources said.

• Ellerston-backed NOJA Power to launch $1 billion dual-track sale process
• Perpetual v ATO: $2.2 billion deal hangs in the balance
• Nomura dangles debt package for Potentia‘s Micromine; Jarden on hand
• Alceon‘s IT biz Efex acquires specialist Medihost Solutions
• Foxtel’s UK suitor calls in Bank of America for advice
• Chris Stott’s 1851 Capital hires from Wilsons Advisory

• Omnicom to buy Interpublic in $20.6 billion deal
• ‘Eat what you kill:’ how this consultancy is taking on the big four
• Logan Roy’s death morphed into a real life Murdoch succession drama
• Mosaic Brands receivers close Katies chain, 480 jobs to go

An unfavourable ATO finding means Perpetual’s $2.2 billion KKR deal, six months in the making, is in ruins. Investors were shaken by the news, sending Perpetual shares down 7.4 per cent to $20.28 a share at the open of trade.

A dovish tilt from the Reserve Bank of Australia and signs of new stimulus measures from China helped stem a wave of profit taking that swept the ASX on Tuesday.

Click here for the latest equity market wrap.