Origin's investor rejects Brookfield offer; KKR mulls revised Sparkle bid

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not include all potential deal activity.

– Origin Energy Ltd.'s leading investor rejected a revised A$19.10 billion takeover by an investor group led by Brookfield Corp., casting doubt on the yearlong pursuit. Voting on the A$9.43 per share offer is delayed until Dec. 4. Under the new amendments, Brookfield offered institutional investors an opportunity to reinvest in Origin's energy generation and retailing business. Additionally, Brookfield and EIG Global Energy Partners intend to move ahead with an alternative strategy of splitting the business if the proposal is rejected. The group plans to propose A$12.3 billion for Origin's energy generation and retailing business.

– Anchorage Capital Partners is considering the acquisition of New Zealand's Mediaworks Holdings Ltd. from Oaktree Capital Management LP and Quadrant Pvt. Equity Pty. Ltd. Goldman Sachs is conducting a strategic review of Mediaworks following auditors' concerns about its viability.

– KKR & Co. Inc. is preparing a revised offer for Telecom Italia SpA's international wholesale cable unit, Sparkle, as the firm advances with due diligence, Reuters reported, citing three sources familiar with the matter. Sparkle and KKR advisers discussed a valuation of about €750 million and €800 million. The new valuation exceeds the previous nonbinding offer of about €600 million, which was deemed low by Sparkle.

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