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The deal will result in the termination of an agreement to sell itself to Varian Medical Systems Inc.
The deal comes at a time when the U.S. private equity giant Blackstone has been seeking to deepen its exposure to Australian and New Zealand commercial property.
Lone Star is betting on two large gas projects in China, where gas demand is soaring.
The bid marks a move deeper into the Australia-New Zealand real estate market for the U.S.-based private equity giant.
The purchase of the UK-headquartered maker of plastic “push-to-connect” (PTC) fittings would be supported by raising equity of up to A$1.10 billion.
Commonwealth Bank of Australia said it intends to list Colonial First State Global Asset Management on the Australian Stock Exchange by the end of 2018.
Hawker Pacific is majority owned by Chinese conglomerate HNA Group.
The stake is part of a $400 million equity raising by Lundin Gold to fund development of its Fruta del Norte gold mine in Ecuador, Newcrest said.
Aconex said in a statement its directors had unanimously recommended the offer, which represents a 47.4 percent premium to Friday’s closing price of A$5.29.