Wednesday
May 24, 2023
Good evening,
Mining billionaire Andrew Forrest has just cut the ribbon on a green-flavoured strategic review at Fortescue Metals Group.
Street Talk can reveal the iron ore miner has ordered Citi to weigh up its power operations, which are key emitters for Fortescue as it aims to be net-zero and fossil fuels free by 2030.
It’s early days, but on Wednesday evening all eyes were on Fortescue’s gas-fired Solomon power station and whether it would become a subject of any dealmaking.
Over in IPO land, international student services business ECA Group was dressing up for IPO meetings with Macquarie Capital and Bank of America, while Redox called in three smaller brokers to join UBS.
Lastly, Soul Patts bought a swimming lessons business with Olympics credentials, and Fortitude Investment Partners acquired a majority stake in Queensland electrical equipment supplier The Energy Network.
Happy reading,Sarah Thompson, Kanika Sood, Emma RapaportStreet Talk editors
The review will consider decarbonisation and power generation options for the $2 billion-plus division.
ASX aspirant ECA will be compared to listed tearaway IDP Education.
Family-owned chemicals business Redox has called in extra troops to get its mooted billion-dollar IPO off the ground.
Soul Patts will keep the respective brands alive on a stand-alone basis but seek to add “institutional quality” to the sector.
Fortitude’s dealmakers are forecasting investors could double their invested capital.
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