Wednesday got off to a bang with the news Carsales.com would brave choppy equity markets and ask investors to fund its big move into the United States.
The brave Carsales had Morgan Stanley and Goldman Sachs raise $600 million, at a time when growth/technology sector stocks are under pressure and there’s nervousness about Australian businesses expanding offshore.
Carsales boss Cameron McIntyre was straight on the front foot, explaining his company had made similar partnership-style investments to expand in new markets, and mapping out why he thought a 49 per cent stake in Trader Interactive was a good buy.
Underwriters Morgan Stanley and Goldman Sachs had little trouble picking up sub-underwriters for the raising. That book shut just after lunch on Wednesday.
In Street Talk on Thursday, we take a look at Singtel’s plans to sell its Australian telecommunications towers, which are mostly leased back to Singtel’s Optus, and Intermediate Capital Group’s efforts to restart the sale of teleradiology company Everlight.
And we also cut through the noise to examine what Star’s bid for Crown Resorts is worth.
Happy reading
Sarah Thompson, Anthony Macdonald and Tim Boyd | 
