PERTH Aug 18 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.