M&A Monday belonged to BlueScope, which surprised investors (and us!) with a $US500 million ($670 million) acquisition in the US.
BlueScope is one of a reasonably small group of Australian companies that doesn’t have big institutional investors pulling their hair out when they make an offshore acquisition.
The group, via a series of deals, has built a big and profitable US business. Now it is adding Coil Coatings, which has seven plants in the US and made $US56 million EBITDA in 2021.
All up, BlueScope’s US assets are worth nearly $US5 billion, in terms of their asset base.
Elsewhere in deals, CapVest hit back at Virtus Health as expected, while WA’s ResApp got a $100 million-odd bid from Pfizer.
In Street Talk tonight, we have our hands on Macquarie Capital’s pitch to sell WA building products group BGC. It says BGC’s making about $100 million a year earnings from $1 billion revenue, and is centred on the group’s No.1 market position in WA cement, bricks and pavers.
Public servant pension manager Commonwealth Superannuation Corporation is in late stage talks to acquire a $400 million-plus stake in Uniti Group as part of the broadband networks owner’s $3.4 billion takeover.
