☕ 1 to $1.1bn

Good morning. Happy Passover to those who observe, and a Happy (impending) Easter ahead of the long weekend!

Good morning. Happy Passover to those who observe and a Happy (impending) Easter ahead of the long weekend! 

FYI, a quick reminder for folks to get their tips in.

--

ps. if this was forwarded to you, you can sign up for LOI at letterofintent.com.au

LOI Subscriber #TBD

MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: As the AFR put it... from one petrol station to a $1.1b payday.

Viva Energy, which owns about ~1.4k Shell petrol stations, forked out $1.1bn to buy the family-owned On The Run retail network of 205 convenience stores. 

On The Run was owned by the Shahin family — who have grown their business Peregrine Corporation from one petrol station in 1984 to become the largest privately held company in SA.

THE QUICK SYNC

  • Russian hackers leak Crown casino data on web. (The Australian)

  • Return to office standoff: coming soon to a workplace near you. (AFR)

  • Inside Origin Energy’s $18.7b private capital job. (AFR)

  • Chamath Palihapitiya's 2022 Annual Letter. (Source)

  • Swiss regulator argues they faced a full-scale bank run if Credit Suisse went bankrupt. (CNBC)

  • Bragg’s case against Trump far from a slam dunk. Yet. (SMH)

TRADING FLOOR

 M&A:

  • Grant Samuel gets a takeover approach from an international firm and is considering a 50% stake sale. (AFR)

  • Antony Catalano and Alex Waislitz’s newspaper business is preparing to sell or shut down more than 13 mastheads. (SMH)

  • Viva Energy acquires OTR Group from the Shahin family-owned Peregrine Corporation for $1.15bn. (AFR | AFR | The Australian)

    • Clifford Chance and Gilbert + Tobin on the acquisition of OTR Group. (AFR)

  • Humanforce wins the takeover battle for IntelliHR as The Access Group withdraws. (AFR)

  • Estia Health opens books to Bain Capital after rejecting its initial $775m offer. (AFR)

  • Endeavour Group purchased a minority stake the eSports venue company Fortress. (AFR)

  • Shaw and Partners analysts follow Mincor’s lead and advise shareholders to accept the $752m buyout proposal. (The Australian)

    • BHP’s secret nickel clause provides Mincor termination rights. (AFR)

    • Andrew Forrest is suspected to be keen to back out of his $752m proposal to buy nickel miner Mincor. (The Australian)

  • PEP and Macquarie are understood to be in final talks to buy TPG Telecom’s Vision Network. (The Australian)

Capital Markets:

  • High airfares to kill airline mergers and see Bain push on with Virgin Australia IPO. (The Australian)

VC:

  • Jigspace, an AR startup, has raised $5.2m led by Rampersand and included Investible and Vulpes. (The Australian)

  • Modo, a mental health startup, has raised $800k in a round that included Archangel Ventures, Black Sheep Capital, Giant Leap Fund and LaunchVic‘s Alice Anderson fund. (The Australian)

  • Art Money, an art investing platform is in the final stages of a funding round led by HNWI. (AFR)

Others:

  • None

TOGETHER WITH ALLIANCE ADVISORS

Alliance Advisors is an independent corporate advisory firm that supports public and private companies with strategic shareholder & Investor advisory services through our global network.

We go beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

For more information, please contact Brendan Henry on [email protected]

THE WATERCOOLER

Horror dating stories... but quality decks...

Looking to hire someone that would read LOI?

Post your roles on LOI jobs board.