Overseas ownership continues at pace
In recent days, we have seen three ASX listed companies receive offers by private equity, and in each case, it appears their ownership will likely head overseas.
I Squared Capital
New York based “Sophisticated and long-term infrastructure investor”, I Squared Capital has bid $1.70 per share for oOh!media Limited (ASX: OML), thus valuing the company at over $1.0 billion in Enterprise Value (EV), including the $130 million of net debt as at June 2026.
Ooh!media is in the “Out of Home” advertising market, generating revenue from large format digital and classic screens, located across roadsides, shopping centres, airport terminals, rail corridors and high-density residential environments.
For the six months to 30 June 2026 sales were up one percent to $341 million, whilst adjusted underlying net profit after tax was down 42 per cent to $15.4 million or 2.9 cents per share (CPS). It is fair to say I Squared Capital is “gilding the lily” by calling Ooh!media an infrastructure investment. With the deteriorating Australian economy I suspect the underbidder, Pacific Equity Partners (PEP), will eventually call this one “a good leave”.
Cleanaway Waste Management
Cleanaway Waste Management Limited (ASX: CWY) has received a conditional, non-binding indicative proposal from the Swedish-based EQT Infrastructure at $3.13 per share, an EV of $9.4 billion
Recently, Cleanaway Waste Management reaffirmed its expectation for the year to June 2026 of $470 million of Earnings before Interest and Tax (EBIT). This was attributable to a strong performance by Solids Waste and Services and Contract Resources, offset by lower-than-expected performance from certain parts of the Environment and Technical Solutions portfolio. Management expects the EBIT forecast for the year to June 2027 to increase by 6-13 per cent to a range of $500 million to $530 million.
Brookfield Capital Partners
Earlier in the year, Canadian-based Brookfield Capital Partners LLC made indicative offers for Reliance Worldwide Corporation Limited (ASX: RWC) at $4.15, $4.25 and $4.50 per share. Brookfield has now made an indicative bid of $4.75 per share, or an EV of $4.1 billion, and the Reliance Worldwide Corporation directors have agreed to allow four weeks of exclusive due diligence.
In the year to June 2026, Reliance Worldwide Corporation recorded flat sales of US$1.3 billion, adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) down 13 per cent to US$242 million, and adjusted Net Profit after Tax (NPAT) down 15 per cent to US$125 million. The Americas, which accounted for 63 per cent of sales, recorded a 12 per cent decline in EBITDA, whilst operations from the Asia Pacific (A$440 million of sales) and EMEA (Europe, Middle East and Africa – GBP$194 million of sales) recorded a decline in adjusted EBITDA of 27 per cent and 11 per cent, respectively.
Taken together, these three bids highlight the continued appetite of global private equity for Australian-listed businesses. If successful, we will see another three substantial ASX companies move into overseas ownership.
Chief Executive Officer of Montgomery Investment Management, David Buckland has over 40 years of industry experience.
David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.
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