Street Talk

Kirsh-led consortium returns with $2.2b bid for Abacus Storage

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 14, 2025 – 7.59am

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Two months after Abacus Storage King rejected a $1.9 billion buyout bid from a South African billionaire and a United States giant, the consortium is back with a better offer.

Street Talk understands South African billionaire Nathan Kirsh’s Ki Group and US-listed Public Storage have presented a $1.65 per share offer to the board, a 14.7 per cent increase on its initial $1.47 per share offer.

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.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.