DataRoom AM: NAB’s US quick fix

NAB plans to offload a piece of US-based Great Western Bank by the end of the month, while rival outdoor advertising agencies battle it out in the IPO stakes.

National Australia Bank is not wasting any time in a push to rid itself of its sole US operation, outlining plans to raise $400 million via a partial float of Great Western Bank this month.

Elsewhere, APN Outdoor nears D-Day for an ASX listing, Champ Private Equity receives plenty of interest in oOh!Media and the Northern Territory government comes to the asset sale party.

National Australia Bank is making quick work of plans to list its US business in New York, releasing a prospectus on the weekend that details a push to float before the end of the month. NAB is expecting to raise about $400 million via the sale of a 27.6 per cent stake in Great Western Bank, with the deal likely to value GWB between $1.4 and $1.6 billion. The firm will then progressively sell down its remaining 72.4 per cent stake after the 180-day escrow period ends.

Closer to home, Quadrant Private Equity is pressing forward with its float of advertising firm APN Outdoor, hoping to raise $300m before the end of this week. Such a deal would value the company at between $420m and $450m, with Quadrant slated to sell 80 per cent of the business, according to The Australian Financial Review.

It comes as bids for rival outdoor advertising group oOh!Media flooded in at the end of last week, the AFR reports. The Champ Private Equity-owned firm could still pursue an IPO if it believes the offers – from the likes of Providence Equity Partners and The Carlyle Group – undervalue the business.

In energy, Delta Electricity’s two Central Coast power plants are expected to draw three bidders ahead of a November deadline, with Snowy Hydro the favourite to fight off competition from Origin Energy and Japan’s Marubeni, according to the AFR.

Elsewhere, Seven Group has extended a credit line for takeover target Nexus Energy from $30m to $165m. The Don Voelte-led Seven is still no sure bet to secure control of Nexus, with administrator McGrath Nicol advising that an October 31 court hearing could decide its fate.

In infrastructure and insurance, the Northern Territory government is looking to make a few dollars through asset sales, weighing the possible divestment of Territory Insurance Office (TIO) and the offering of a long-term lease for Darwin Port. TIO alone could secure well over $500m, the government said.

Meanwhile, private equity firm GTCR has seen as many as six firms put their hands up to buy Australian Traffic Network after expressions of interest were requested in the traffic report issuer. ATN holds a near monopoly on live traffic updates to radio and TV stations across the country and could have an enterprise value of as much as $250m, according to the AFR.

Finally, BC Iron has declared its $250m takeover offer for Iron Ore Holdings unconditional after lifting its stake above 83 per cent stake at the end of last week, while the AFR reports that UBS has been called upon to defend ASX-listed Global Construction Services from at least one predator.

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