Canada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy.
Canada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy, after struggling to pull the ambitious deal together over the holiday period.
With Brookfield/EIG’s exclusive look at Origin’s books due to expire at the close of business on Monday, sources said the bidders likely needed more time in the data room to help value Origin’s two businesses , line up funding and be in a position to negotiate a binding deal. Origin Energy’s suitors are trying to lock in an $18.4 billion buyout at a time when policy settings are changing.While the situation was evolving on Sunday, the most likely scenario would have Brookfield and EIG request another extension. The pair’s exclusive look at Origin’s books was already extended once,Origin’s board, having been in discussions with Brookfield in August, would have to decide whether to roll forward the exclusivity agreement.
The board had Brookfield/EIG’s indicative bid include a 3¢ a month “ticking fee” that would kick in on May 15 and increase the bid price monthly after that date. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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