The Monthly Recap - November 2024
November has been dominated by news from the US Election as we all begin to ponder the impact Trump’s re-election will have on Australia’s state of play.
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The Monthly Recap – November
November has been dominated by news from the US Election as we all begin to ponder the impact Trump’s re-election will have on Australia’s state of play. As 2024 rounds out with a desperate rush to close lingering deals, optimistic preparations for a bustling 2025 begin. Could the refreshed IPO action and approval of a drawn-out Chemist Warehouse takeover be a sign of a prosperous year to come? 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.
M&A
- Bain Capital & KKR in competition for $4bn sale of Novotech by TPG (AFR)
- Billionaire Sam Chong is acquiring Anglo American's 33% stake in Queensland's Jellinbah and Lake Vermont coal mines for $1.6bn (Australian) Anglo American also sold its Queensland coal mines to Peabody Energy & BUMA for up to $5.8bn (AFR)
- PEP has gained exclusivity to acquire 50% stake in Opal Healthcare (AFR)
- ACCC approved Sigma & Chemist Warehouse $8.8bn merger (ABC) Once the listing is finalised they will be worth more than $30bn (Australian)
- Evercore sells out of 20% stake in Luminis Partners, ends long-running partnership (AFR)
Other Activity
- EQT targeting $22.4bn raise for private capital Asia fund (AFR)
- IFM increases stake in Atlas Arteria the fourth time it has crept up the register (AFR)
- BP selling 51% stake in Australian renewables portfolio to reduce $37bn debt (AFR)
- HMC’s DigiCo Infra REIT locks in its $2.75bn IPO – the biggest of the year (AFR)
- Spheria offloaded $311m in Pacific Smiles as Genesis Capital takeover bid rejected (Australian) Genesis are still set to gain majority control in Pacific Smiles (AFR)
- Alvarez & Marsal cementing themselves in Australia with advisory role on $4bn Novotech sale (AFR)
- Bids for $2bn Campus Living Villages land (Australian)
- CapitaLand in talks to acquire $8bn Wingate Group (AFR)
- Cuscal IPO the biggest of the year despite 7.6% dip on day one (AFR)
Investment Banking News & Debt Markets
- Macquarie amongst other firms are exploring opportunities in Japan as deals pick up (AFR)
- Trump’s win a boost for Wall Street, with Australian investment banks likely to also benefit (Australian)
- Jefferies attracting talent with cash bonuses but strict retention terms come with it (AFR)
- Corrs predicts fast-tracked deal rush in H1 2025 as merger reform is on the way (AFR)
- Peter Lee results released, Barrenjoey being top of research teams (AFR)
- Macquarie pin their hopes for a bumper 2025 to offload portfolio of renewable energy & infrastructure assets (AFR)
- Peabody Energy have banks and credit funds lining up following Anglo American coal purchase (Australian)
Market Moves
- Real estate coverage banker Tim Leahy joins Jarden following leaving UBS earlier in the year (AFR)
- Morgan Stanley hired Macquarie's David Bailey to lead Australian healthcare coverage (AFR)
- Former Macquarie executive Alan Cameron joins Neu Capital to expand UK operations (AFR)
- Healthcare analyst Melissa Benson has moved from Wilsons to Barrenjoey (AFR)
- Joshua Hartz left Bain Capital Credit where he was a partner (AFR)
- Charter Hall, GPT Group and Lendlease report changes amongst exec ranks (Australian)
- Shaw & Partners hired Damien Gullone from Ord Minnett to join emerging companies team (AFR)
- Palisade hired three Squadron Energy executives for its Intera Renewables division (AFR)
