Macquarie sells stake in Macquarie Atlas Roads
Macquarie Group Limited (Macquarie) has completed the sale of its 11.3% principal holding in Macquarie Atlas Roads (MQA), a listed investment company. Macquarie sold 76 million shares in MQA at a price of US$6.00 per share to a wide range of institutional investors via a bookbuild. The total value of the sale is US$456 million.
This follows Macquarie's sale of 53 million shares in September 2016. Those shares were sold for US$5.32 each to undisclosed institutional investors.
MQA announced that following a strategic review of its relationship with Macquarie, management functions would be internalised. This was described as being in the best interests of security holders.
MQA chairs Nora Scheinkestel and Jeff Conyers commented through a joint statement to ASX:
"The relationship with Macquarie has served securityholders' interests well. Under Macquarie's active management, MQA has delivered investors a compound annual return of approximately 37% over nearly eight years since listing, transforming MQA from a market capitalisation of $278 million to a top 100 ASX listed investment company with a market capitalisation of $4 billion.
The time has come for MQA to build its own internal management capability. The independent directors will work with Macquarie to progress the steps required to complete the transaction in a way that is in the best interests of securityholders."
Country news
-
-
December 20, 2017
Melbourne Metro PPP reaches financial close
Cross Yarra Partnership, a consortium consisting of Lendlease, John Holland, Bouygues Construction and Capella Capita, has reached agreement with Melbourne Metro Rail Authority for the financial close of the Tunnel and Stations Package as part of the Metro Tunnel Project.
Read more -
December 19, 2017
AMP Capital ups stake in Victoria desalination PPP
AMP Capital has increased its stake in the Victorian Desalination Project (VDP) on behalf of investors in its Community Infrastructure Fund (CommIF).
Read more -
December 13, 2017
Contract signed for AUS$6.7 billion West Gate Tunnel in Melbourne
Transurban yesterday finalised a contract with the Victorian Government to build and operate the West Gate Tunnel Project. It has been estimated that the final design approved for construction will cost AUD6.7 billion.
Read more -
December 13, 2017
Dai-ichi Life Insurance Company makes PPP investments
Dai-Ichi Life Insurance has announced that it has completed its first acquisition finance investment, for High Speed 1, a British railway concession, and first loan to an Australian project, for the refinancing of the Victoria Desalination Project.
Read more -
December 06, 2017
First State makes Australian water acquisition
Water Utilities Australia (WUA), wholly owned by funds managed by Colonial First State Global Asset Management (CFSGAM), known outside of Australia as First State Investments, has acquired the Kooragang Industrial Water Scheme and business (KIWS) from Hunter Water Corporation.
Read more
