Australia's Nine Entertainment appoints bankers for IPO - report
PERTH Aug 18 (Reuters) - - Australia's Nine Entertainment, majority-owned by U.S. hedge funds Apollo Global and Oaktree Capital, has appointed UBS, Morgan Stanley and Macquarie Group to manage an initial public offering, the Australian Financial Review said on Sunday.
The national television broadcaster was considering selling between A$500 million ($459 million) and A$1 billion worth of shares in the float that was expected to value the company at close to A$3 billion, the newspaper reported, without saying where it got the information.
Oaktree and Apollo, former creditors of the media group, took a 95.5 percent stake in Nine in January under a $3.6 billion recapitalisation scheme to save the broadcaster from sliding into receivership and slash its debt load.
Private equity firm CVC Capital Partners retained just 1 percent, losing nearly all of its A$1.8 billion investment, the biggest loss on a single private-equity deal in Asia.
The prospective float, expected either late this year or in early 2014, would come around three years after CVC met with fund managers about a potential A$5 billion-plus IPO.