Pacific Equity Partners (PEP) has made an offer for Johns Lyng, a A$719m (€401m) Australian property services company.
PEP is proposing to acquire ASX-listed Johns Lyng’s issued shares by way of a scheme of arrangement.
Under this proposal, senior management, including largest shareholder and CEO Scott Didier, would have the option to receive scrip consideration, allowing them to retain an interest in the business.
Last week, Norges Bank notified the Australian Securities Exchange that it had become a substantial shareholder with a 5.01% stake in the Melbourne-based specialist insurance-related property restoration company.
John Lyng said it has decided to grant PEP a period of exclusivity to facilitate the suitor’s confirmatory due diligence process to enable it to put forward a binding offer.
Should the bid for John Lyng be successful, the transaction would occur a few months after PEP, Australasia’s oldest and largest private equity firm with A$16bn of assets under management, finalised the A$1.4bn acquisition of listed fleet leasing company SG Fleet Group.
To read the latest IPE Real Assets magazine click here.
