Street Talk First Look

Monday

September 13, 2021

Street Talk

First Look

Good evening,

M&A Monday delivered, as tipped, with Sydney Airport unveiling its new $8.75 a security bid from IFM Investors and friends, and opening the doors to due diligence.

Although there are a few hurdles to be cleared, it’s the sort of deal we expect to be studied for years to come. It was big, bold, relatively quick (to date) and has landed at a pivotal moment in Sydney Airport’s history.

In Street Talk tomorrow, we reveal KKR & Co’s latest play in Australia.

The PE bigwig is in hot pursuit of Australian/New Zealand outsourcing group Probe CX, which is up for sale via Morgan Stanley.

However, KKR’s dealmakers aren’t just playing in the auction. They have jumped the gun and are seeking to acquire it well ahead of rivals.

Elsewhere, we look at copper miner Round Oak’s maiden pitch ahead of a potential IPO, and have Five V Capital’s latest deal.

Happy reading,

Anthony Macdonald and Yolanda Redrup
Street Talk editors

Tomorrow’s headlines

Street Talk

KKR storms Probe CX auction with $1b-plus binding bid

The move comes as Morgan Stanley is drumming up interest from a long list of potential buyers, including some of KKR’s big global private equity rivals.

Street Talk

IPO pitch for Soul Patts’ copper play Round Oak revealed

With a similar EBITDA and production profile to 29Metals, we’ve got déjà vu with Washington H. Soul Pattinson’s Round Oak Metals’ likely IPO.

Street Talk

IFM’s second bid secures $32.6b Project Platinum win

At that level, including debt, IFM and friends’ bid for Sydney Airport is the biggest ever all-cash offer in Australian takeover history.

Street Talk

Five V Capital buys into Automic Group with $80m investment

The PE firm has snapped up a stake in the cloud-based share registry provider, in a deal that values the business at more than $200 million.

Street Talk

Bombora leading $11m-plus raising by 90 Seconds

The corporate video creation platform is preparing for a new phase of growth, raising funds that value it at $86 million.

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