Industry superannuation giant Rest Super is set to call time on its investment in NSW’s second-biggest electricity distribution company, Endeavour Energy.
A Macquarie-led group won the auction for NSW distributor Endeavour Energy in 2017. Now one of the investors wants to sell its stake.Street Talk can reveal that Rest has hired investment bank Barrenjoey to shop the stake to rival superannuation funds and other potential buyers, fuelling expectations of a $1 billion-plus deal.
Endeavour Energy, which is still partly owned by the NSW government, has a regulated asset base worth close to $7 billion. Such assets typically sell for 1.2 to 1.4 times RAB.It’s the first time one of the Endeavour Energy investors has formally tested buyer appetite since they combined to win the auction six years ago.
Endeavour Energy supplies power to more than 2.6 million people living in NSW. Its service areas include western Sydney, the Blue Mountains, Southern Highlands, the Illawarra region and the south coast.
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