Investment bank Macquarie Capital is understood to be in the box seat to be joint lead manager for the prospective float of TPG Capital’s Alinta Energy, according to sources.
Should the business head to the boards, it will be the largest float this year, although sources believe a listing in 2017 is more likely.
A source close to Macquarie this morning suggested that the investment bank had not yet been mandated.
It follows a so-called “beauty parade” for investment banks last week for roles to float Alinta after a sales process for the business run earlier this year recently collapsed.
Lazard is working as adviser to the business and it is expected that a number of investment banks will be recruited to work on the dual track process.
As reported by DataRoom today, the West Australian retail operation attracted an offer from AGL Energy that was said to be five times Alinta’s earnings before interest, tax, depreciation and amortisation.
Overall, the company, which owns an eclectic mix of assets, including gas-fired power stations as well as a WA retail energy operation, generates about $385m of annual EBITDA.
It is known that TPG Capital has aspirations to sell the operation for a price well north of $4bn.
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