Australia, Capital Markets, Private Equity - Sunday, June 20, 2010 18:59 - 0 Comments

Myer tax ruling dents Aussie IPOs

IFR Asia – ECM special report, June 2010

Australia’s market for new initial public offerings, already moribund, has been further dented by an Australian Taxation Office (ATO) attempt to levy a tax on foreign private equity exits.

 The transaction that triggered the ATO’s stance, and has rattled potential issuers, was the IPO of Myer in November 2009, which raised A$2.4 billion in a deal led by Credit Suisse, Goldman Sachs JBWere and Macquarie Bank. One of the groups that sold its stake in the IPO was the foreign private equity group TPG, which alongside minority partner Blum Capital owned Myer through a Cayman Islands-based entity called TPG Newbridge Myer. The partners gained A$1.58 billion from the IPO.

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