The Monthly Recap - July 2024

This month has seen several high-impact deals and strategic movements. Both M&A and IPO activity are on a robust trajectory, particularly in the sectors of energy and technology. July also saw significant activity among super funds including increased investments and collaborations which reflect a market poised for growth despite persistent sticky inflation. This report outlines select M&A deals, general market activity and significant news amongst private equity, investment banking & debt markets. We also include a short section on recent notable market movers.

M&A

• Diatreme Resources, acquired the Brisbane based Metallica, securing a 71.2% stake, in a hostile takeover leaving minority shareholders unhappy. (The Australian)

• AustralianSuper and the Gold Coast Council make a move on the Queensland Airport sale, eyeing for a 74.25% stake (AFR)

• Federation Asset Management acquires Bendigo and Adelaide Bank's Homesafe Solutions, (AFR) with backing from NAB (AFR).

• ART in race to become the largest fund with a merger of  Qantas’s $9bn superannuation fund. (AFR)

• Antipodes Partners all set to take over Maple-Brown Abbott in a major acquisition. (AFR)

• First Sentier reduces its COG Financial Stake in a trade managed by Barrenjoey, months after the $700m fund restructuring. (AFR)

Other Activity

• Federation Asset Management expands into Japan with the acquisition of Astris Advisory. (AFR)

• Australian Meat Group on the market, valued as high as $450m, with Minerva as the top contender. (The Australian)

• Morgan Stanley managed sale process of the $1bn Guardian Early Learning starts (The Australian), Private Equity giant Pacific Equity Partners has already placed a bid. (AFR)

• Ethical Partners to close operations amid major ACL and Noble Oak trades, returns $2bn to investors. (AFR)

• Permira all set to make a $4bn exit with sale of radiology giant I-MED. (AFR)

• Haben to raise $263m to finance QIC's Westpoint Shopping Centre Acquisition. (AFR)

• Commonwealth Super to divest $2bn CDC Data Centres stake in a sale arranged by Barrenjoey. (The Australian)

• Cbus enhances focus with $1bn investment in Magellan’s Airlie Funds Management following an equities restructure. (The Australian)

• As it prepares for its 2025 IPO, Canva surprises with acquisition of AI design start-up Leonardo.AI, amidst intense competition. (AFR)

• PGIM Real Estate raises $300m for its first private credit fund in Australia, says it is on track to raise $750m. (AFR)

• Allegro’s Everest Ice Cream acquired by Jonathon Pearce with funding from James Packer’s Consolidated Press Holdings. (AFR)

Investment Banking & Debt Markets

• Bendigo Hospital secures $210m PPP refinancing with Deutsche Bank as long-term lender. (AFR)

• Guzman y Gomez’s successful ASX debut boosts confidence as other players like Virgin Australia likely to follow suit. (The Australian)

• APM Human Services finalises $950m financing from Goldman Sachs (Capital Brief) following last month’s refinancing efforts with Goldman Sachs and Bank of America.

• Global Investment banks like Citi, JP Morgan etc are allocating millions to their commercial banking teams, targeting high-growth tech and energy firms in search for the next unicorn. (AFR)

• AirTrunk's high-stakes sale attracts bigger bidders as price tag escalates. (AFR)

• Jarden’s profit surge (The Australian) and Macquarie’s renewed deal flow (The Australian) signal strong recovery in Investment Banking Landscape.

Notable Market Movers

There have been plenty of Notable Market Movers in July including:

• NTT DATA appoints David Mckeering, former PwC Australia consulting leader, as new CEO for Australia & NZ. (The Australian)

• Richard Fennell takes over as CEO and Managing Director of Bendigo and Adelaide Bank from Marnie Baker. (Capital Brief)

• Credit Suisse COO Katrina Glover steps down after 19years, potentially joining Westpac in September. (AFR)

• David Gribble, Former Goldman Sachs partner appointed the new chief executive of Alternative Investment Manager Alceon. (AFR)

• Bell Potter director Hugh Robertson leaves to join rival Morgans. (AFR)

• Fortescue to axe 700 jobs as part of its H2 restructuring plans across all operations. (AFR)

• HSBC promotes Georges Elhedery from CFO to CEO, succeeding Noel Quinn. (Capital Brief)

• CBUS faces massive C-suite turnover with yet another exit as Chief strategy officer Alexandra West resigns. (AFR)

• JP Morgan’s ECM Co-head Simone Haslinger steps down; Jonas Troeber to become sole head. (AFR)

• Therese Kenny joins ESSSuper as CFO. (InvestorDaily)