Quadrant being prepared for ipo, page-2

Macquarie, Brookfield test waters for $4bn Australian gas IPO
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Perth-based Quadrant Energy is one of the country's largest oil and gas companies. Angela Macdonald-Smith

• by
• Sarah Thompson
• Anthony Macdonald
• Joyce Moullakis

Major Western Australia gas supplier Quadrant Energy is being prepared for an initial public offering which could value the company at as much as $4 billion, as revealed by Street Talk on Thursday.
It is understood Quadrant Energy owners Macquarie Capital and Brookfield Asset Management have started testing market appetite in the potential float, calling investment banks to pitch for joint lead manager roles.

Perth-based Quadrant Energy is one of the country's largest oil and gas companies and supplies more than 40 per cent of Western Australia's domestic gas from its production points in the WA's northwest.
Brookfield and Macquarie bought the business in 2015, in a deal valuing Quadrant Energy at $US2.1 billion including debt. Macquarie later sold part of its holding to investors including Wesfarmers and Angela Bennett's AMB Holdings.

Industry sources said Macquarie's investment banking arm is expected to have a role in any float, while banks are pitching for other spots on the ticket.

The owners have been considering an IPO for some months, however calling for pitches shows they are serious about listing the company on the ASX boards.

If successful, it would be the largest oil and gas listing in Australia for years. It could also be one of the largest listings in any industry either this year, or next, depending on when the company hits the market.
Quadrant Energy is chaired for Macquarie banker Kate Vidgen and other directors include Macquarie Capital's global resources chairman Robert Dunlop, Brookfield's Len Chersky and Jeff Kendrew, AMB Holdings representative Michael Ashforth and Wesfarmers' Tim Bult.

The company's production facilities include the Varanus Island, Devil Creek and Macedon domestic gas plants and floating production and storage facilities off the northwest coast including Ningaloo Vision, Pyrenees and Stag Platform.


Private equity owner Quadrant is seeking to raise $385 million to $435 million, which will deliver the company a market cap of $494 million to $561 million.


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Thanks Baseless...probably explains the weakness in the SP of CVN.

The same happened last year, when there was uncertainties about Finder and JX Nippon.

Btw, not a bad return for them - paid USD $2.1B and 2 years later seeking to sell for AUD $4B