TLS telstra group limited

Where to now for long term investors of Telstra, page-12182

  1. WJN
    49 Posts.
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    The starter’s gun has fired on one of 2023’s biggest potential deals in waiting: Telstra’s sale of a minority stake in its infrastructure arm InfraCo.As bankers start drumming up their 2023 pipelines, Telstra shareholders did them a favour on Tuesday afternoon and approved the company’s long-awaited restructure.Telstra’s InfraCo owns and operates the telco’s passive network assets including data centres, exchanges, its fibre network, physical mobile tower assets, ducts and pipes. Quentin JonesThe restructure, part of former boss Andy Penn’s T22 strategy, paves the way for Telstra to sell up to a 49.9 per cent stake in InfraCo and potentially secure $15 billion or so in cash proceeds to return to investors.Bankers know where to look to find a buyer. Telstra’s scheme book, released in August, made it clear there were a couple of strings attached to any potential sale.The first is that Telstra must retain at least a 50.1 per cent stake, while the second was that any acquirer was an eligible investor (a wholesale investor from a five eyes country, and not another telco).f the stake’s sold via an initial public offering, than no one investor could own more than 10 per cent.Given private capital deals and hot, and floats are not, you’d have to think an InfraCo stake sale to a private capital consortium was Telstra’s best bet of a deal in 2023.The five eyes rule and the size of the cheque really narrows the field. Bankers will rush to AustralianSuper, Aware Super, Australian Retirement Trust and Future Fund - the big four private capital players in Australian deals - in coming weeks, keen to secure their early support.They’ll also rush to the big three infrastructure managers - IFM Investors, Macquarie Asset Management and QIC - to see whether they’re interested. Given Telstra would retain control of InfraCo, it’s hard to see how an infrastructure fund could justify charging clients to just sit on InfraCo’s register without control. Their best bet may be to oversee smaller clients’ participation in a bigger consortium.Then the search will widen to include Canadian, US and UK pension funds.While assembling the sort of capital required is a big task, Telstra has put InfraCo in play. And deal-hungry bankers are not one to look a gift horse in the mouth.

 
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