JP Morgan in IXOM box seat as Keppel looks to sell
JP Morgan is the frontrunner in a field of more than half a dozen investment banks vying to run the trade sale of Australia’s largest water treatment and chemicals business, IXOM, which has been put on the block by its Singapore-listed owner Keppel Infrastructure Trust.
Sources said Keppel had run an exhaustive process to decide on a banker for the deal, bringing the timing forward because of significant inbound interest.
Keppel purchased the company, originally spun out of Orica, in a $1.1bn deal in November 2018 from Blackstone. JP Morgan ran that sale for the private equity outfit.
In a morning note to the Singapore Exchange, Keppel said it was “undertaking a strategic
review of its 100 per cent stake in (Ixom) with a view to potentially unlocking value from the business so as to further KIT’s growth and maximise long term unitholder returns”.
“This exercise is part of KIT’s regular asset review process in line with its refreshed strategy following the strategic review conducted at the end of 2021.”
Ixom’s earnings are divided between an industrial and speciality chemicals division and a water treatment and manufactured chemicals division.
ASX tracks record; Bunnings underestimated: UBS
Local market gains strongly, led by consumer stocks. REA shares rebound after boss sets end date, posts strong half-year results. Beach Energy logs earnings jump, but shares slump. Wesfarmers rises as UBS says the Bunnings outlook is positive.
For retail behemoth Mecca, beauty may be in the eye of a buyer
Speculation is growing that the Jo Horgan-built beauty products retailer, Mecca Brands, may find its way to the market with a valuation of well over $1bn.