Nine eyeing $3bn float: report

Group appoints 3 banks to handle IPO, making float this year a near certainty.

Nine Entertainment Co is eyeing a resurgence in the local stock market following an expected coalition victory in the September 7 election as its launch pad for a $3 billion float, The Australian reports.

According to the newspaper, the group appointed UBS, Macquarie and Morgan Stanley to handle the initial public offering over the weekend, making a float this year a near certainity. 

Macquarie and UBS will look after the retail component, while Morgan Stanley - which has an existing relationship with Nine's US hedge fund owners Apollo Global Management and Oaktree Capital Management - was appointed for its global credentials.

The Australian reports the float process will be spearheaded by Nine chief operating officer and finance director Simon Kelly, who will be assisted by Michael Stock from UBS and Darren Keogh from Macquarie.

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