Good evening,

Downer EDI’s minerals processing unit Mineral Technologies, put up for sale via Barrenjoey, is staying in the company’s hands – for now.

Street Talk understands that WA-headquartered AvidSys Group lobbed a $100 million-plus bid for the unit, but Downer’s new management isn’t ready to play ball.

Downer’s shareholders are still waiting for an update on the sale of its waste management business, Repurpose It. US infrastructure investor I Squared emerged as the preferred bidder in June, but the deal isn’t finalised.

Also on the block, one of Australia’s largest vet chains VetPartners has called in Jefferies to find a buyer, Street Talk can reveal. The company, which has 267 clinics across Australia, New Zealand and Singapore, is expected to fetch up to $1.4 billion.

In people’s news, leading law firm Allens has crowned a new head of M&A and capital markets, and a senior analyst with stints at Magellan, Perpetual and Wavestone Capital has popped up at global small/mid-cap shop Fairlight.

Finally, fantasy sports start-up Group1 Sports has kicked off a search for fresh funding. Its register of high-profile backers includes Webjet boss John Guscic, Ausbil co-head of equities John Grace and Seek chairman Graham Goldsmith.

Happy reading,

Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk Editors