Thyssengas binding bids in; sale could see conclusion within days
Macquarie [ASX:MQG] received binding bids today, 7 June, for its Thyssengas, which is valued at circa EUR 500m, according to two sources familiar with the situation.
First State submitted a binding bid, said a source close to the company and the first source familiar, as did a consortium comprising utility Enovos (owned partly by Ardian) and Swiss Life Funds, said the second source familiar and a person briefed.
Fluxys [EBR:FLUX] and DIF are also thought to have submitted binding bids, said the first source familiar.
A fifth bidder, whose identity has not been known, could also be there, the sources said.
The deal could be closed within days as financing should be relatively straightforward, said the second source familiar.
Macquarie, Ardian and Enovos declined to comment. Fluxys, DIF and Swiss Life did not immediately respond to requests for comment.
The asset is valued at between EUR 500m and EUR 550m, according to previous Mergermarket reports.
The sale of Thyssengas is being conducted by BofA Merrill Lynch, as reported.
The target, which recorded revenue of EUR 239m in 2014 with EBITDA of EUR 116m, is owned by MEIF III and Macquarie Specialised Asset Management.
It comprises a regulated 4,200 km gas transmission network in North Rhine-Westphalia, according to the company website.