Ellerston Capital-backed electrical equipment manufacturer NOJA Power is expected to be put on the auction block in early 2025, Street Talk can reveal.
It is understood NOJA Power’s four founder-owners are seeking to appoint an investment banking adviser before Christmas, sources said. American investment bank, Harris Williams, is said to be well-placed to snare the sell-side mandate.
Harris Williams will work alongside minority shareholder, Ellerston Capital, to explore strategic options including a trade sale or an initial public offering. NOJA Power is expected to fetch a sale price of as much as $1 billion, the sources said.
An unfavourable ATO finding means Perpetual’s $2.2 billion KKR deal, six months in the making, is in ruins. Investors were shaken by the news, sending Perpetual shares down 7.4 per cent to $20.28 a share at the open of trade.
Best and worst
A dovish tilt from the Reserve Bank of Australia and signs of new stimulus measures from China helped stem a wave of profit taking that swept the ASX on Tuesday.
