Wildcat Infrastructure Enters Race for Austal USA With Up to $1.9B Bid
Synopsis
Wildcat Infrastructure makes a higher non-binding bid for Austal's US business, topping an earlier offer from South Korean defence firm Hanwha.
Key Highlights
- Wildcat Infrastructure has submitted a non-binding $612 million offer for Austal’s US business.
- The proposal values the firm at an enterprise value of USD 1.25 billion to USD 1.35 billion.
- The offer is more than a USD 1.2 billion bid by South Korea’s Hanwha last month
- Austal (ASX: ASB) expects Wildcat to operate Austal USA as a standalone business unit, preserving the Austal brand and US operations.
Buyout Dialogues for Austal USA Revived
Wildcat Infrastructure, a private equity company has made a non-binding takeover offer to acquire Global shipbuilder Austal’s US-based division for an enterprise values of between USD1.25 billion and USD1.35 billion or around $1.73 billion
The bid improves on a previous USD1.2 billion proposal submitted by South Korean defence firm Hanwha in September.
Proposing Austal Board Will Review
The board of Austal said it will assess the proposal, and provide market updates on any material developments. On Tuesday Austal confirmed, after a media report on the matter, that it had had initial talks with Wildcat Infrastructure.
Wildcat’s Plans for Austal USA
Wildcat has signalled its intention to run Austal USA as a standalone platform, keeping the Austal brand along with its current US operations.
Source: Capital Brief
At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
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