Transurban Entitlement and Shortfall
Transurban aims to raise around US$3.2bn (A$4.2bn) via a mix of entitlement offer and private placement to AustralianSuper to fund the acquisition of the remaining 49% stake in WestConnex.We have covered some of the prior entitlement offers and placements in the past:
Nov 2015: Acquisition Appears Attractive and Track Record Remains Stellar but Upside Seems Limited
Dec 2017: Transurban Entitlement Offer - Uncertainty Abound
Sep 2018: Transurban Entitlement and Short-Fall - Long-Term Value Accretion with Short-Term Earnings Drag and Transurban Retail Short-Fall - Quick Take - Much Better Positioned Now
Aug 2019: Transurban Placement - Small Deal for a Familiar Asset
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Transurban Group is engaged in the development, financing, operation and maintenance of toll road networks as well as management of the associated customer and client relationships. Co. manages and develops urban toll road networks in Australia and the U.S. Co. owns concession assets across four key market segments: Victoria, New South Wales, Queensland and the Greater Washington Area.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
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