Investec, Goldman Sachs tow PEP into Citadel


Buyout firm Pacific Equity Partners has secured a $500 million deal to buy ASX-listed software company The Citadel Group.

Citadel Group, run by Mark McConnell, has a $500 million bid from private equity.  Jeffrey Chan

It is understood Goldman Sachs is helping PEP fund the offer, while Clayton Utz and EY were also involved.

The bid was at $5.70 a share and made via Pacific Group Bidco, which is owned by PEP and set up specifically to buy Citadel.

The offer was a 43.2 per cent premium to Citadel’s last close and a 51.4 per cent premium to the three months VWAP, and valued ASX-listed Citadel at $503.1 million including debt.

It’s the second $500 million-plus acquisition for PEP in the past week, which is keen to put its new $2.5 billion buyout fund to work. The other was schools and childcare education resources supplier Modern Star’s Australian and New Zealand business.

The $5.70 a share bid is also a win for Citadel’s shareholders, which include small caps fund managers OC Funds, Lennox Capital Partners, Wilson Asset Management and Microequities Asset Management.

Sydney-based fund manager Caledonia (Private) Investments is spearheading an investor group that set to take a $1 billion-odd stake in Nasdaq-listed gaming company Scientific Games.

Pacific Equity Partners has secured a $500 million deal to buy ASX-listed software company The Citadel Group. 

Gold tearaway De Grey Mining’s biggest shareholder DGO Gold is seeking a $25 million equity top-up, partly so it can tip fresh funds into De Grey’s own raising. 

Upstart investment bank Jarden Australia has gone fishing in New York and London to show it’s serious about building a full-service advisory and capital markets shop.

Directorial independence has turned to arrogance. Boards are not listening to messages from shareholders that they need to hear.

The pledge came as new polls showed a particularly tight race between Mr Biden and President Donald Trump in Florida, a key battleground state that carries 29 electoral votes.

A Chinese military contractor that boasts of spreading disinformation has compiled profiles on more than 35,000 Australians. We have extracted some of the key names here.

Only last month, Webjet chief executive John Guscic batted away questions about loans tied to his shares.


Pacific Equity Partners, Citadel Group, Private equity

Actu monde – AU – Investec, Goldman Sachs tow PEP into Citadel