Australia is seeing a flurry of deal-making so far this year, as record-low interest rates have given institutional investors and companies a well-funded war chest to chase higher valuations.
From potentially one of Australia’s biggest-ever buyouts to a multi-party tussle for a troubled casino giant, here are some of the major deals Down Under in 2021:
Vocus Group – Macquarie/Aware Super
Orocobre – Galaxy Resources
BINGO Industries – Macquarie
Tilt Renewables – PowAR/Mercury NZ
New Zealand-listed Tilt Renewables (TLT.NZ) in April agreed to a NZ$3.07 billion ($2.15 billion) bid from a consortium including AGL Energy (AGL.AX), Australia’s sovereign wealth fund, and Mercury NZ (MCY.NZ).
Tabcorp – Entain/Apollo Global/Betmakers
Altium – Autodesk
Crown Resorts – Blackstone/Star Entertainment
Casino giant Crown Resorts (CWN.AX) in March received a A$8 billion ($5.97 billion) buyout proposal from Blackstone (BX.N) and a A$9 billion ($6.71 billion) all-stock offer from peer Star Entertainment Group (SGR.AX) in May.
Oaktree Capital Group (OAK_pa.N) is also in the race for Crown.
Washington H Soul Pattinson – Milton Corp
Ramsay Health Care – Spire Healthcare
In July, Ramsay sweetened its bid to 1.04 billion pounds ($1.44 billion).
Boral – Seven Group
In July, Seven raised its offer to A$8.75 billion ($6.53 billion), which was rejected.
National Australia Bank – Citigroup
Sydney Airport – Sydney Aviation Alliance
A consortium called Sydney Aviation Alliance in July made a A$22.26 billion ($16.61 billion) play for Sydney Airport Holdings (SYD.AX). If the deal goes through, it will be one of the biggest ever in Australia.
Spark Infrastructure – KKR/Ontario Teachers’ Pension Plan Board
($1 = 1.3405 Australian dollars)
($1 = 1.4269 New Zealand dollars)
($1 = 0.7225 pounds)