Good evening,
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Good evening,

Finally, some proof of life in private equity! While there's plenty of tyre-kicking - and even more dry powder - KKR put pen to paper on a surprising $3.1 billion deal, proving COVID-19 restrictions don't have to bring M&A deals to a halt.

And surprisingly, it was at Commonwealth Bank of Australia and will have the private equiteers take control of CBA's $135 billion superannuation manager Colonial First State. We revealed the deal on Wednesday morning, and take a look at how it could end up a big money-spinner for KKR.

Another American buyout firm, Madison Dearborn Partners, provides the next proof of life. It has kicked off a $725 million debt deal to fund its proposed acquisition of disability services business APM. It's the first chunky leveraged finance package we've seen hitting the market since the COVID-19 outbreak.

Elsewhere, we delve back into Virgin Australia ahead of the first bid date.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors

Street Talk

Gloves come off: who's who in Virgin Australia rescue race

No one knows if there's a deal there, let alone what it would look like, but there's plenty of sniping and sideways discussions.

Street Talk

Three reasons why KKR will do well at Colonial First State

Hats off to the private equity giant - it had the guts and ability to stitch up the $3.1 billion deal during a challenging period.

Street Talk

Madison Dearborn wakes up leveraged loans market with $725m deal

The acquisition shapes as an important litmus test for Australian leveraged buyouts.

Street Talk

Breville Group launches snap $94m equity raising

The company is seeking to raise the funds in about the time it takes to make a toasted sandwich. 

 
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