Good evening,

BP, the oil and gas giant capitalised at £62 billion ($122 billion) on the London Stock Exchange, is hunting for ways to cure its $US24 billion ($37 billion) debt load. And its executives have decided its Australian renewables portfolio offers a small, but easy, fix.

Street Talk can reveal BP has hired Bank of America to shop a 51 per cent stake in the Australian assets of Lightsource BP, a developer and operator of utility-scale solar and battery storage assets with a 62GW pipeline across 19 global markets.

The mooted sale comes three weeks after BP completed a £400 million acquisition of a 50.1 stake in Lightsource BP to become its sole owner.

• British oil and gas giant BP shops 51 per cent stake in Aussie renewables
• Magellan paid up big for its Vinva acquisition, accounts show
• Hyperion Asset Management’s fairy tale year
• Morgan Stanley lures healthcare analyst from Macquarie

• Police raid French football league and CVC in corruption investigation, Financial Times reports

Vinva’s financial year 2024 accounts, lodged with the corporate regulator this week, show Magellan paid a punchy multiple for its $138.5 million global equity acquisition.

Based on $18.7 million FY24 net profit, Magellan coughed up a multiple of around 25 times earnings for its 29.5 per cent stake.

A rally in ASX-listed stocks with exposure to the US economy helped push the Australian sharemarket higher on Wednesday, tracking a strong lead on Wall Street and as Donald Trump took a lead in the US election.

Click here for the latest equity market wrap.