SG Fleet Receives $780 Million Private-Equity Takeover Proposal -- Update

Dow Jones11-25 10:18

By Stuart Condie

SYDNEY--SG Fleet opened its books to Pacific Equity Partners after the Australian private-equity firm proposed a takeover valuing the vehicle leasing and management provider's equity at about 1.2 billion Australian dollars, equivalent to US$780.1 million.

SG on Monday said PEP and its associates made an indicative proposal of A$3.50 a share, a 31% premium to the stock's last closing price.

It has given PEP exclusive access to its books until Nov. 29 in the hope of securing a firm offer. Superannuation administration-services provider Super Group, SG's largest shareholder with a 54% stake, backed the move, SG said.

"It is in the interests of all SG Fleet Shareholders to engage with PEP," SG said.

SG's stock jumped 20% to A$3.20 on the announcement, which came five weeks after the company reiterated guidance for an annual underlying profit of between A$88 million and A$95 million. That would be a decline of 4.6% to 12% from the latest fiscal year.

Underlying profit rose 17% over the 12 months through June, supported by strong growth in its Australian novated-lease offering and improving momentum in the U.K.

SG also operates in New Zealand and has more than 277,000 vehicles under management.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

November 24, 2024 21:18 ET (02:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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