The bankers will now feast on Treasury Wine Estates

The settlement of a long drawn-out collusion lawsuit, combined with the prospect of a bidding war for TWE, confirms that big private equity is back. Investment banks will be licking their lips.

I guess it’s just an awkward coincidence, but a few days after TPG and KKR were part of a $US475.5 million settlement of a 7-year-old collusion lawsuit, they are both bidding the same price for Treasury Wine Estates.

The December 2007 class action accused 11 private equity firms of conspiring to drive down takeover prices and reduce takeover competition, often by agreeing not to outbid each other.

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