The IPO train rolled into Monday and saw term sheets flying for KKR’s pubs group Australian Venue Co and Healthe Care spin-off Aurora Healthcare.
Both deals look like the past few before them; $350 million to $450 million raising, private backer retains meaningful stake, escrow arrangements, launched after early look soundings and were priced in the 10 to 20-times profit range.
In new deal news, Westpac Banking Corp has hired Morgan Stanley to sell its superannuation and platforms business, which is expected to be worth at least $2.5 billion.
And we have news on some bids for cinema owner Hoyts, and US debt investor Varde Partners’ attempts to create a “mini Min Res” mining services/mining play involving former Asciano executive Mark Rowsthorn.
Distressed debt bigwig Varde Partners is trying to bang together two resources plays to create what it hopes could look like the next Mineral Resources.
