Ann: Pause In Trading, page-8

Extract from The Australian-

"Spark Infrastructure Group is understood to have received an approach from a party that had been interested in lobbing a buyout proposal for the $4bn Australian listed electricity asset owner.

It comes as Spark launches a beauty parade to find a new defence adviser, and some believe Barrenjoey Capital Partners is well placed.
It is understood that a list of investment banks had been invited to pitch along with boutique advisory firms.

In the past, Spark has worked with Macquarie Capital, which offered assistance last year when Spark considered buying a larger share of its New South Wales electricity transmissions business TransGrid.

This was just months before Canada’s OMERs, instead bought an interest of almost 20 per cent from Wren House.
DataRoom understands that the approach came from an unlisted infrastructure investor that has a low cost of capital.
It is believed that the party had an interest in buying the company at about a 20 per cent premium to the price where its share price was recently trading – about $2.25.

This would see an offer put forward of about $2.70, or close to $4.74bn.

It comes at a time that Australian listed APA Group, which now counts former Morgan Stanley infrastructure banker Julian Peck as its head of strategy, has told the market that it has an interest in regulated electricity assets when it comes to acquisitions.

Macquarie Infrastructure and Real Assets has also been busy lately on the mergers and acquisitions front, as has Morrison & Co, which led a consortium that acquired an interest in Telstra’s telecommunication towers for $2.8bn."