Private capital behemoth TPG Capital is auctioning off its home-grown crown jewel Novotech with a $4 billion price tag. And dealmakers from at least three rival buyout firms have shown up to appraise the goods.
Street Talk understands TPG, led by Joel Thickins, last week collected non-binding indicative bids for the contract research organisation business, which has been shopped with a headline figure of $125 million pro forma EBITDA for the 2025 financial year.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
