MELBOURNE: EQT Holdings Ltd., the holding company for Equity Trustees, said Monday it has received an unsolicited, nonbinding takeover proposal from U.S. private equity firm TPG Global LLC.
The indicative offer proposes to acquire 100% of EQT’s outstanding shares through a scheme of arrangement at A$24.55 per share in cash, less any dividends declared or paid, the company announced in a statement.
The proposal remains subject to several conditions, including the satisfactory completion of due diligence, final approval from TPG’s Investment Review Committee, execution of a mutually agreed Scheme Implementation Deed, and a unanimous recommendation from EQT’s board.
Regulatory approvals from the Foreign Investment Review Board, the Australian Competition and Consumer Commission and the Australian Prudential Regulation Authority would also be required, along with the absence of material adverse changes and other customary conditions.
TPG has requested a period of exclusivity to conduct due diligence and negotiate transaction documentation.
EQT said its board, together with its advisers, will evaluate the proposal and update shareholders in due course. The company noted there is no certainty the proposal will result in a formal binding offer or that any transaction will eventuate, and advised shareholders to take no action at this time.
UBS has been appointed as financial adviser to EQT, with Herbert Smith Freehills Kramer serving as legal counsel.
The announcement comes ahead of EQT’s scheduled release of its fiscal 2026 results on Aug. 20. The company said the board will also determine whether to declare a final dividend for the year ending June 30.
Separately, EQT reiterated its previously announced intention to withdraw from offering independent superannuation trusteeship via its subsidiary Equity Trustees Superannuation Ltd. The company said it will provide an update on that matter, including potential capital and funding implications, as part of its results presentation.
EQT Holdings Ltd. authorized the release of the statement.
