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Factbox-Record-low rates spur Australia M&A frenzy in 2021

08/01/2021 | 09:04pm EDT
FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia

(Reuters) -Australia is seeing a flurry of deal-making so far this year, as record-low interest rates have given institutional investors and companies a well-funded war chest to chase higher valuations.

From potentially one of Australia's biggest-ever buyouts to a multi-party tussle for a troubled casino giant, here are some of the major deals Down Under in 2021:

Vocus Group - Macquarie/Aware Super

Vocus Group in March agreed to a A$3.5 billion ($2.61 billion) takeover offer from a consortium of a Macquarie fund and pension fund Aware Super.

Orocobre - Galaxy Resources

Orocobre Ltd in April agreed to buy Galaxy Resources for $1.4 billion to create the world's fifth most valuable lithium producer.

BINGO Industries - Macquarie

Waste management firm BINGO Industries in April agreed to a A$2.3 billion ($1.72 billion) buyout offer from funds managed by Macquarie.

Tilt Renewables - PowAR/Mercury NZ

New Zealand-listed Tilt Renewables in April agreed to a NZ$3.07 billion ($2.15 billion) bid from a consortium including AGL Energy, Australia's sovereign wealth fund, and Mercury NZ.

Tabcorp - Entain/Apollo Global/Betmakers

UK's Entain in February offered to buy betting firm Tabcorp Holdings' wagering and media business. In April, it sweetened its offer to A$3.5 billion ($2.61 billion).

In May, Apollo Global Management matched Entain's offer, and BetMakers Technology jumped in with a A$4 billion ($2.98 billion) bid.

Crown Resorts - Blackstone/Star Entertainment

Casino giant Crown Resorts in March received a A$8 billion ($5.97 billion) buyout proposal from Blackstone and a A$9 billion ($6.71 billion) all-stock offer from peer Star Entertainment Group in May.

Oaktree Capital Group is also in the race for Crown.

Washington H Soul Pattinson - Milton Corp

Australia's Washington H Soul Pattinson said in June it will buy Milton Corp in a deal that values the target at A$4.05 billion ($3.02 billion).

Boral - Seven Group

In May, diversified investor Seven Group offered to buy shares it does not already own in Boral, valuing the building materials supplier at $6.23 billion.

In July, Seven raised its offer to A$8.75 billion ($6.53 billion), which was rejected.

National Australia Bank - Citigroup

National Australia Bank, the country's third-largest lender, said in July it was in talks with Citigroup to buy the U.S. bank's Australian consumer business.

Sydney Airport - Sydney Aviation Alliance

A consortium called Sydney Aviation Alliance in July made a A$22.26 billion ($16.61 billion) play for Sydney Airport Holdings. If the deal goes through, it will be one of the biggest ever in Australia.

Spark Infrastructure - KKR/Ontario Teachers' Pension Plan Board

In July, Spark Infrastructure received a A$4.91 billion ($3.67 billion) takeover bid from a consortium including KKR and Canada's Ontario Teachers' Pension Plan Board.

Oil Search - Santos

Oil Search said in August it intended to recommend an improved buyout offer from Santos Ltd, worth A$8.4 billion ($6.2 billion), in a deal that would create a top-20 global oil and gas company.

Afterpay-Square

Square Inc said in August it has agreed to purchase buy now, pay later pioneer Afterpay Ltd to create a global online payments giant, offering a 30% premium in a share-swap deal that is set to be Australia's biggest-ever buyout.

(Compiled by Shashwat Awasthi; Editing by Arun Koyyur and Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED 3.56% 5.52 End-of-day quote.-53.81%
BLACKSTONE INC. 2.91% 127.57 Delayed Quote.96.84%
CITIGROUP INC. -0.53% 66.94 Delayed Quote.8.56%
CROWN RESORTS LIMITED 0.87% 9.32 End-of-day quote.-3.22%
LONDON BRENT OIL 0.87% 75.19 Delayed Quote.45.09%
MERCURY NZ LIMITED 0.00% 6.6 End-of-day quote.1.07%
OIL SEARCH LIMITED 1.08% 3.76 End-of-day quote.1.35%
OROCOBRE LIMITED 1.41% 8.66 End-of-day quote.93.74%
RAMSAY HEALTH CARE LIMITED 0.53% 70.13 End-of-day quote.12.79%
SEVEN GROUP HOLDINGS LIMITED 0.15% 20.51 End-of-day quote.-12.16%
SPIRE HEALTHCARE GROUP PLC -2.11% 232 Delayed Quote.49.29%
SYDNEY AIRPORT LIMITED 0.86% 8.25 End-of-day quote.28.71%
TABCORP HOLDINGS LIMITED 1.04% 4.84 End-of-day quote.24.10%
THE STAR ENTERTAINMENT GROUP LIMITED 2.64% 4.27 End-of-day quote.16.03%
WASTE MANAGEMENT, INC. 0.01% 152.75 Delayed Quote.29.51%
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