Vopak unloads Aussie terminals; Greencross review takes shape; Traffic management float

Good evening,

There was plenty of action in both unlisted and listed markets on Wednesday.

Street Talk had the scoop that Dutch terminals and tankers giant Vopak put its operations at Port Botany and Port of Darwin on sale, mandating JPMorgan to find a buyer.
With $75 million EBITDA annually, Vopak’s two local assets are expected to fetch north of $1 billion.
Running the rules over Vopak’s local assets will be the likes of First Sentier, which has done a billion-dollar deal with Vopak before, and Macquarie Infrastructure and Real Assets.
Elsewhere, TPG Capital’s pets and vets business Greencross told interested parties to get their indicative bids in by next week, just as TPG’s international equity funds unveiled a surprise 5.3 per cent stake in ASX-listed Cleanaway Waste.
For watchers who have their hearts racing at the prospect of TPG Capital putting Cleanaway into play, Street Talk is told TPG’s intentions are benign.
It is unlikely to inch up any further on Cleanaway’s shareholder register, let alone launch a takeover bid.

In IPOs, former Wallaby Dan Crowley and ex-Aurizon boss Lance Hockridge are looking to raise $43 million to float traffic management operator Avada Group.

Lastly, Goldman Sachs’ promotions biennale has five local suits moving up to the managing director titles, among the 643 new MDs across the world.

Happy reading,

Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors