Tonight, it’s a not-for-profit bidder that takes the cake in the world of Australian M&A.
That’s not something we can remember writing before but it happened when Calvary (or Little Company of Mary Health Care Ltd) emerged victorious from its entry in the world of Australian deals and investment banks, securing Japara Healthcare in a hard-fought auction.
Tonight we can report that Calvary has made the most of its new-found banker mates. While it was lining up Japara, it has also taken the chance to rework its capital structure with a $500 million-plus funding package.
We reveal some of the banks that tipped into the loan.
Catholic not-for-profit Calvary Health Care is understood to have lined up a new $500 million-plus debt facility to help bankroll its bid for ASX-listed Japara Healthcare and fund its wider business.
Private equity giant EQT has signalled it’s intention to compete hard for Goldman Sachs and QIC Ltd’s Icon Group, hiring bankers on the eve of the Icon auction’s launch.
