Good evening,

It’s pipeline time of year - and we’ve found something chunky that is on Transurban Group’s radar.

The pension funds that own Melbourne’s EastLink have called in the bankers to assess a potential selldown after about a decade’s ownership.

The sellers, led by NZ Super, have sent a request for proposal to a handful of investment banks, which makes it clear they want to test buyer appetite for a stake.

Transurban Group is the most logical acquirer and is understood to even have some bankers keeping watch on its behalf. While there’s plenty of water to flow under the bridge before Transurban gets a proper look, it could be a meaningful bolt-on acquisition for the toll roads investor.

Elsewhere, we have a new poultry M&A auction starting up (there’s at least one a year!), and have spotted Allegro Funds thinking about a doors and windows investment.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors