By Rushil Dutta
The offer at A$2.30 per share represents a 7.5 percent premium to Gateway shares’ closing level on Wednesday.
TPG is the largest shareholder of Cushman & Wakefield with a 44.7% stake, followed by PAG Asia Capital (33.6%) and Ontario Teachers’ (11.7%).
Four firms control 97% of Australia’s $660 million outdoor ad industry and, with digital ad boards dramatically lifting their earnings potential, they are all looking at deals in an M&A rush that is drawing close scrutiny from regulators.
Air Arabia, a Dubai-listed low-cost carrier, said this week it had a $336-million exposure to Abraaj. Shares in the airline plunged because of its links to the company.
AMA Group said it has halted a deal to sell its vehicle panel repair arm to Blackstone Group for A$508 million ($375 million) following an unfavourable ruling from the Australian Taxation Office.
Naver, which has about $2 billion in cashable assets, is joining the new funds of Sequoia and SoftBank after both firms invested $50 million in the Chinese operations of Snow, Naver’s video messaging app, for a 20 per cent stake in January.
In an internal note to employees, Arif Naqvi said he had no knowledge of intentional wrongdoing at the buyout firm.
Guggenheim Partners Investment Management has been in talks with global insurers, sovereign wealth funds and investment pools in Europe, the Middle East and Asia.
Walmart Inc. sold $16 billion of bonds to help finance its investment in India’s biggest online seller, in the second-largest U.S. corporate debt sale of the year. The retailer offered fixed- and floating-rate notes in nine parts. The longest bond, a 30-year security, yields 1.05 percentage points above Treasuries, less… Read more »
Taiyo is in the frame to bag the European package, while Carlyle would take the U.S. assets.