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| Wednesday September 20, 2023 |
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Private equity investor Allegro Funds has finally signed the binding long-form sales agreement to purchase PwC’s local public sector consulting operations, which is being rebranded as Scyne Advisory, Street Talk can reveal. |
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The Tuesday evening signing means regulatory approval is the only thing keeping Scyne executives from operating as an independent business, free of the troubled PwC. |
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Foreign Investment Review Board approval is still required due to Allegro’s foreign investors. The completion date for the deal has now been pushed out to early October. |
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There is also another potential $350 million in public sector contracts up for grabs now that PwC has retreated from this type of advisory. |
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As for the signing, Gilbert+Tobin were on hand for PwC; Freehills stepped up for Allegro. |
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| Emma Rapaport Co-editor, Street Talk |
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Instacart’s shares jumped as much as 43pc in their Nasdaq debut, briefly giving the grocery delivery app a valuation of more than $21 billion, Reuters reports. They closed up 12pc.It’s game on for ASX boutique funds manager backer Pacific Current Group, writes Anthony Macdonald.FTX has sued the parents of Sam Bankman-Fried, saying they enriched themselves by siphoning off millions of dollars from the cryptocurrency exchange founded by their son, The Financial Times reports. |
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The Regal Resources Royalties Fund, which is rounding up investors for a $50 million capital raising, has a 60 per cent weighting to energy. Around 25 per cent is in precious metals and 8 per cent in base metals. |
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