The Monthly Recap - January & February
Private Equity firms sitting on assets are keen to sell and the banks are keen to get involved after last years’ 31% slump in dealmaking.
2024 has arrived and the market is starting to heat up. A second year of lower bonuses for bankers has headlined as M&A is looking for a strong rebound. Private Equity firms sitting on assets are keen to sell and the banks are keen to get involved after last years’ 31% slump in dealmaking. There is also a rise in global firms looking to expand their Australian presence which could lead to a competitive year down under. This report outlines selected M&A deals, general market activity and significant news among the investment bank & private equity firms, plus any significant news across debt markets.
• KKR bids for Melbourne toll road to compete with IFM & QIC: Jefferies hired to advise on the asset earning $300m annually (AFR)
• REIT M&A activity set to heat up in 2024: Morgan Stanley analysts point out similar valuations could align to multiple merger deals (Australian)
• ANZ buyout of Suncorp’s banking business cleared by Australian Competition Tribunal (Reuters) Bendigo Bank’s $1.3bn acquisition of Judo Bank is also on the cards with expected consolidation in the industry (Australian)
• Five V Capital invests in Fat Zebra: their eight Fund IV investment (FV)
• PAG Asia set to complete $1.45bn AVC: the KKR owned pubs group deal took longer than PAG had intended (AFR)
• Private Equity expecting large asset sell-offs in 2024 with better market conditions
expected (Australian) Corporate carve-outs also set to dominate private activity in 2024
(AFR)
• Barrenjoey mandated for $2bn Powerco review: QIC hires the local bank for a strategic
review with NZ’s largest electricity distributor (AFR)
• CVC Capital could finally be getting serious about the Australian market: comes after
raising $6.8bn USD for sixth Asia fund (Australian)
• Aware Super tips $50mn into Washington’s Galway Sustainable Capital: the specialist
financier was bought by MAM’s GIG last year (AFR)
• General Atlantic seeking a stronger presence in Australia: Hiring Neal Kok from KKR
signalling this broader push (AFR)
• Citi job cuts globally but no plans to reduce local presence (AFR) but they felt the
impact of bonus cuts (AFR)
• UBS topped the investment banking league tables for 2023: with a 31 per cent slump
across the board (AFR)
• Nick O’Kane stepping down to pursue opportunities outside Macquarie after 28
years (Australian)
• Graduate hiring increases for many of the banks: Goldman Sachs welcoming 50
graduates in 2024 (AFR)
• Greenhill Australian arm eyeing local expansion: following last years sale to Mizuho
(AFR) hiring Nancy Tchou in their infrastructure team a sign of this expansion (AFR)
• Citi names head of markets for AU/NZ: Cristina Chang comes in after Mark Woodruff
traded up to CEO last year (AFR)
• Canaccord Genuity secures Azure Capital partner for its advisory arm: John Toll spent
15 years with Azure (AFR)
• More job cuts looming at Wall Street investment banks? (Australian)
• ANZ likely upsizing $1bn hybrids deal following Suncorp merger (AFR)
• Bain Capital & Madigan Capital in discussions for $500m refinance (AFR)
• Macquarie Capital provides $2bn stapled debt package: the offer is for GPG suitors,
which is the biggest renewables auction since CWP Renewables (AFR)
• 333 Capital secures role in WICET $3bn refinance: Senior debt is due to mature in
2026 (AFR)
• Commonwealth Bank have lined up $650m debt for the take private of Costa
Group (AFR)
