(Bloomberg) -- Oaktree Capital Management LP is finalizing a private credit loan to back its acquisition of a stake in Australian advisory firm AZ Next Generation Advisory, according to people familiar with the matter.
The A$345 million ($225 million) unitranche loan will comprise of acquisition and delayed draw term debt. Oaktree is planning to invest A$240 million to acquire a stake from Italian asset manager Azimut Holding SpA and local shareholders.
The transaction is part of growing momentum in private equity led mergers and acquisition activity in Australia. Recent deals include Affinity Equity Partners’ A$965 million takeover of Healius Ltd.’s Lumus medical imaging unit, Vocus Group’s acquisition of TPG Telecom Ltd.’s fiber network and Blackstone Inc.’s purchase of Australian data center company AirTrunk Pte.
Once completed, the investment will make Oaktree the biggest shareholder in AZ NGA, according to its website. Oaktree, majority owned by Brookfield Asset Management and co-founded by Howard Marks with Bruce Karsh in 1995, didn’t respond to requests seeking comments on the loan.
AZ NGA comprises of 34 financial advisory, accounting and other financial service providers in Australia that collectively manage A$15.1 billion of assets under advice.
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