September
Australia’s most powerful deal makers in 2024
If investors step up and hit the bid on those valuations, the market will see real momentum. If not, it will be the same painful conversation about dry powder next year.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Bain Capital preps first-round bid for K1’s Elmo Software
Street Talk understands sell-side adviser UBS is calling for first-round bids by early October.
- Sarah Thompson, Kanika Sood and Emma Rapaport
ASX winning streak faces CBA dividend reinvestment test
The “hyper-rally” in Commonwealth Bank shares that has helped the ASX smash its record high may come to an end thanks to a little-known force: its DRP.
- Lucas Baird and Alex Gluyas
Australia just had its hottest M&A week (and it’s only September)
Nearly $24 billion worth of Aussie M&A deals were announced between Monday and Thursday evening – the highest since Newmont’s $24.4 billion bid for Newcrest last year.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Investment banks slash China growth forecasts as confidence wanes
Analysts are increasingly sceptical that Beijing will reach its 5 per cent economic growth target for 2024.
- Thomas Hale
August
China mulls $7.9 trillion in mortgage refinancing as economy stutters
The government plan would let homeowners switch banks for cheaper loans, as the property slump drags down consumer spending and household wealth.
- K. Oanh Ha
PE makeover! Elmo Software owner parades 10x EBITDA at sale kick-off
Elmo is being pitched with annual earnings of about $40 million, or 10-times the $4 million for the 2022 financial year before Accel-KKR put it in play.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Lithium mine closures just ‘tip of the iceberg’
UBS is the latest broker to slash its lithium forecasts, warning that more projects need to close or pause production to end the collapse in prices.
- Alex Gluyas
- Exclusive
- Retail
Wesfarmers wants slice of retail media boom for Bunnings, Officeworks
The hardware and stationery giants have plans to enter the novel sector, joining Woolworths and Coles.
- Carrie LaFrenz and Sam Buckingham-Jones
- Opinion
- Global economy
An enormous error has overstated the US boom
Markets have been caught off guard by a drastic revision of non-farm payrolls, the worst miss since the Lehman crisis.
- Ambrose Evans-Pritchard
PE shootout looms at $1b-plus Waste Services Group; EQT joins the fray
The firm’s banker of choice, Azure’s Nick Combes, has advised on multiple changes in WSG’s ownership over the years.
- Sarah Thompson, Kanika Sood and Emma Rapaport
More exclusive than any restaurant: how top deal makers dine
Investment banks and law firms have fostered a thriving in-house dining scene where they can break bread away from prying eyes.
- Aaron Weinman
Investment bankers (but not Barrenjoey) feast on Orora
This was a boring company, offering boring but profitable returns. And then, it went and blew its brains out.
- Myriam Robin
Adviser gigs emerge on all sides of Orora melee
Citi, which assisted with a $1.35 billion equity raising last year for Orora, is on defence.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Vocus revives $6.3b dream to buy TPG’s fibre network
But sources said discussions between the ASX-listed telecommunications group and its Macquarie and Aware Super-owned rival were at a very early stage.
- Sarah Thompson, Kanika Sood and Emma Rapaport
July
UBS, Centuria Bass Credit team up for inaugural warehouse facility
The Swiss investment bank has put up an initial $100 million senior secured commitment as it increases its exposure to Australia’s non-bank real estate lending sector.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Bin way too long! Affinity Equity hires bank for Waste Services sale
You’d be forgiven for thinking Affinity has a leg-up in the UBS-run auction, given its ANZ boss’s history with the asset.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Supplier survey suggests Coles has outperformed Woolworths all year
Ahead of financial updates from the major supermarkets next month, suppliers say Coles and Aldi are picking up market share over their rivals, small and large.
- Carrie LaFrenz
Barrenjoey’s burrito bank is more like a trough
The investment bank’s research analysts are bullish on Guzman y Gomez. They also have an interest in its success.
- Mark Di Stefano
- Analysis
- Investment banking
The Archegos Capital collapse shows nice bankers finish last
As Bill Hwang’s $50 billion family office went broke, the investment banks that tried to help came off worst, including UBS and Credit Suisse.
- Aaron Patrick