Transurban made a major splash on M&A markets last year when it paid $475 million for Sydney’s Cross City Tunnel soon after being part of a consortium that paid $7.1 billion to secure control of Queensland Motorways -- but its shopping spree mightn’t be over yet.
Elsewhere, KKR eyes a number of battered local firms, Pepper Australia’s owners deliver a vote of confidence in the firm’s upcoming IPO and Metcash edges closer to a spin-off of its automotive arm.
The troubled BrisConnections toll road group appears set to finally be sold this year. Advisers Macquarie Capital and Fort Street are tipped to launch a global roadshow to promote the $1.3 billion-plus business within the next two months, though the acquisitive Transurban appears the clear frontrunner.
The ASX-listed group is tipped to bid for control of the group with assistance from Australian Super and the Abu Dhabi Investment Authority -- the two groups it worked with on last year’s $7.1bn deal for Queensland Motorways. The company’s history in local toll road auctions -- plus the potential synergies -- suggests it’s a great chance to win out, but competition is likely to be fierce from local firms Hastings Funds Management, AMP, IFM Investors and the Queensland Investment Corporation.
TCL Price at posting:
$10.05 Sentiment: Hold Disclosure: Held
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