Good evening,

It’s touchdown time at Macquarie Capital’s sale for Cobham Aviation.

Street Talk understands ASX-listed Regional Express has latched on to the idea of owning Cobham’s FIFO unit, which makes $170 million in revenue a year.

Rex is all of $130 million in market capitalisation but has been spurred along by its ambition to go beyond its regional-flight beginnings. Also giving it the confidence to bid is its investor PAG’s chequebook in the background.

Macquarie Capital launched the Cobham auction in February, split into two business units: FIFO services used by miners and gas workers, and a mission-critical flight unit that makes about $180 million in revenue (about $140 million of it from the Australian Border Force) and also needs a buyer.

Elsewhere, handbag business Status Anxiety is looking for new backers; PE giant CVC Capital Partners has lost its Australian country head, Brett Sutton; and Perth start-up WeMoney has had billionaire Laurence Escalante show up for its capital raising.

Happy reading,

Jessica Sier, Sarah Thompson, Kanika Sood and Anthony Macdonald
Street Talk Editors