Good evening,

It’s easy to forget that despite the mass euphoria created by AirTrunk’s sale in mid-September, the $24 billion-plus cheque is yet to hit the bank for owners Macquarie Asset Management and PSP Investments.

The payday was conditional on buyers, Blackstone and CPPIB, obtaining a long-list of customary approvals from AirTrunk’s clients and government regulators across Asia Pacific. And 2½ months on from agreeing terms, bankers and dealmakers involved have hit the final lap for 2024’s biggest M&A deal.

Street Talk understands AirTrunk’s soon-to-be owners have ticked off the major requirements for obtaining Foreign Investment Review Board’s approval. Sources said AirTrunk is on track to receive FIRB’s assent as early as next week.

Of note, the FIRB application is understood to be the last remaining item on the buyers’ to-do list, with client and Asian approvals already squared off. Should it be granted as expected, all conditions precedent baked into Blackstone’s bid will have been made – and AirTrunk will officially change hands.

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Street Talk understands AxiCorp’s chief executive is gung ho about takeover target Selfwealth and won’t give up without a fight. If Bell bids higher, AxiCorp will bid higher again.

The global online broker, which focuses on forex trading and contracts for difference, turns over $350 million in revenue and $80 million EBITDA. Bell last reported $247 million in revenue and $64.5 million EBITDA in financial year 2023.

Rising geopolitical concerns sent the sharemarket lower on Wednesday as traders took the opportunity to book profits from strong gains in the previous session.

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