Street Talk has obtained as much detail as any of the carefully-vetted bidders currently signing the non-disclosure agreements.
AirTrunk’s looming $15 billion-plus sale has been shrouded in mystery. But now, Let’s start with the fact you could buy all – not just a slice – of AirTrunk if you play your cards right.
The remaining 12 per cent is held by AirTrunk’s founder and CEO Robin Khuda. And this where the sell-side advisers are taking an off-piste approach. Another peculiarity of the auction is that sell-side advisers have asked bidders to hold off on formalising arrangements with their bid partners until the auction enters the binding stage. The rationale? Macquarie, PSP and Khuda want to play matchmaker on the consortiums that will battle it out to join the shareholder register.
Should AirTrunk fetch its mooted $15 billion-plus price tag, it would spell a career-defining payday for Macquarie and PSP’s dealmakers who bought their combined 88 per cent at a $3 billion valuation just four years ago. It would also set the pace for multiples in the sector, which is red-hot for dealmaking across the board.
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