Pendal Group Placement - Accretive Acquisition

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/444" target="_blank" data-smartkarma-citation="entities:444:1">Westpac Banking Corp (WBC AU)</a> is looking to sell 60m shares of <a href="https://www.smartkarma.com/entities/15795" target="_blank" data-smartkarma-citation="entities:15795:1">BT Investment Management Ltd (BTT AU)</a> (BTIM), worth approximately US$459m (A$615m).  Post this deal, Westpac Banking Corp will hold 9.8% of BTIM.</p><p>The deal scores well on our framework owing to a strong price and earnings momentum and good track record. Funds under BTIM has been outperforming the benchmark and continues to attract fund inflows despite weak market conditions. Westpac's selldown is not a big surprise since Australia bank…</p>

Westpac Banking Corp (WBC AU) is looking to sell 60m shares of BT Investment Management Ltd (BTT AU) (BTIM), worth approximately US$459m (A$615m).  Post this deal, Westpac Banking Corp will hold 9.8% of BTIM.The deal scores well on our framework owing to a strong price and earnings momentum and good track record. Funds under BTIM has been outperforming the benchmark and continues to attract fund inflows despite weak market conditions. Westpac's selldown is not a big surprise since Australia bank…

BT Investment Placement - Tougher Capital Requirement on Banks Means Sell Down Is Not a Big Surprise