Street Talk

TPG’s InvoCare takeover proposal (almost) a done deal at $12.70

Sarah Thompson, Kanika Sood and Emma Rapaport

Aug 8, 2023 – 4.10pm

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TPG Capital’s $1.8 billion pursuit of InvoCare appears to be finally over, with the private equity firm and its funeral services provider target agreeing to terms for a binding offer on Tuesday, sources told Street Talk.

While the price has been locked down – at $12.70 per share, down from the $13 that the indicative offer was lobbed at – there remain several minor hurdles that are expected to be cleared in time for market open. InvoCare has been in a trading halt since Monday morning after TPG indicated at the weekend it was prepared to walk unless the price was lowered.

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.