Welcome to The Carry: Private Equity Insights for October 2023.
The Carry is our Private Equity Insights newsletter designed to keep you up-to-date with the latest trends and issues relevant to private equity.
In this update we put a spotlight on our Public M&A Report, a Takeovers Panel case, PIPE deals in Australia, upcoming employment reforms and IPO exits by PE vendors.
HSF Public M&A Report released: FY23 in review
In its fifteenth edition, HSF’s Australian Public M&A Report 2023 report released this week examines the 56 control transactions involving Australian targets listed on the ASX that were conducted by way of takeover bid or scheme of arrangement in the 2023 financial year.
51+ problems and Chapter 6 is one: the Takeovers Panel considers the application of Chapter 6 to proprietary companies
In this article, we consider a recent Panel decision that signals it may treat proprietary companies differently (when compared to listed public companies) for the purposes of Australia’s takeovers laws.
Private Investment in public equity – PIPE deals in Australia
The current economic conditions have made PIPE (private investment in public equity) deals a more compelling option. We examine the reasons why and outline the key considerations for potential investors and issuers, including the common forms of instrument, terms and approvals required.
Closing Loopholes - Employment law reforms: What it means for your portfolio businesses
Significant employment reforms are coming that may have material consequences for portfolio companies. In this article, we provide a summary of key changes for your awareness.
IPO exits by PE vendors
Global geo-political conditions, rising inflation and interest rates and other economic factors have contributed to a significant downturn in Australian IPO activity since 2021. However, the global IPO market is already staging a comeback. In this article, we explore past IPOs of companies backed by PE vendors and highlight essential considerations for PE vendors when planning their exits through an IPO.