TPG Global has made a cash takeover offer valued at A$650 million ($468 million) for EQT Holdings, Australia’s largest independent stockbroking network, the company said on Friday.
The proposed acquisition, if completed, would mark TPG Global’s expansion into Australia’s financial services sector. EQT Holdings operates a network of 11 branches across the country, providing equity trading, wealth management, and advisory services to retail and institutional clients.
The bid values EQT Holdings at A$1.45 per share, a 30% premium to its last closing price of A$1.11 on Thursday. EQT’s board said it would review the proposal and consult with shareholders before making a recommendation.
TPG Global, a unit of U.S.-based TPG Inc., has not disclosed financing details for the deal. The private equity firm has a track record of acquiring and restructuring financial services businesses globally.
EQT Holdings did not provide an immediate timeline for its response but confirmed it would assess the offer in accordance with its governance policies. The company’s shares were suspended from trading on Friday pending further announcements.
Analysts noted that the bid underscores growing interest from private equity in Australia’s financial advisory and stockbroking sectors, which have seen consolidation in recent years.
