trending Market Intelligence /marketintelligence/en/news-insights/trending/fHGxGF8oOnNhUfIYf6s36Q2 content esgSubNav
In This List

Carlyle Group to acquire Australia's Pioneer Credit in A$120M deal


Street Talk Episode 87


A New Dawn for European Bank M&A Top 5 Trends


Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Banking Essentials Newsletter 2021: December Edition

Carlyle Group to acquire Australia's Pioneer Credit in A$120M deal

Australia's Pioneer Credit Ltd. agreed to be acquired by Carlyle Group LP for about A$120 million.

The debt manager said Dec. 5 that it entered into an agreement with Robin BidCo Pty. Ltd. and Robin HoldCo Holdings Ltd., which are part of a group of entities doing business as the Carlyle Group. Under the agreement, BidCo will acquire 100% of Pioneer shares representing a total value of A$1.82 per share.

The consideration values the equity of Pioneer at about A$120 million, with an implied enterprise value of about A$288 million.

Pioneer Chairman Michael Smith said the company's board agreed that the transaction is in the best interests of shareholders in the absence of a superior proposal. Subject to shareholder approval and other conditions, the transaction is expected to be implemented in or around April 2020.

Azure Capital and K&L Gates are acting as financial and legal advisers, respectively, to Pioneer.

The proposed sale to Carlyle came after Pioneer said in October that it shortlisted four parties for the final stage of "the change of control process."