In the spirit of dream deals sweeping the market, here’s one that’s back being roadtested by its investors. The Foxtel IPO.
Street Talk can reveal Foxtel shareholders New Corp and Telstra are roadtesting potential deal structures and a pitch to investors, to see whether it is time to dust off the pay TV company’s long-mooted IPO.
Sources said it was akin to a feasibility study: there’s no prospectus in the works or roadshows under way but, having been down this path plenty of times before, they were keen to try to get it done.
While there will be the usual issues like debt and tax to sort out, the overarching question is whether Foxtel has done enough with its new offerings, including Kayo and Binge, to attract listed equities investors.
The shareholders reckon there are some seriously good green shoots, which is something Foxtel has lacked over the past decade.
Elsewhere, we take a look at a survey of corporate M&A heads that predicts the deals boom will get bigger, and reveal a new acquisition for Sydney-based private equity shop The Growth Fund.
Happy reading, Sarah Thompson, Anthony Macdonald and Yolanda Redrup
