© Reuters. FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed
(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 (OTC:) – Galaxy Resources (OTC:)
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 (OTC:), 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 (NYSE:) 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 (NYSE:) 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 billio