TPG Proposes A$24.55 Per-Share Takeover of EQT Holdings

Global private equity firm TPG Global has made an unsolicited, non-binding takeover approach for EQT Holdings, proposing to acquire 100% of EQT’s shares through a scheme of arrangement at A$24.55 per share, subject to due diligence and several regulatory approvals. EQT’s share price rallied after the approach but remained below the indicative offer, reflecting a volatile backdrop following the First Guardian collapse and ongoing legal and strategic challenges. EQT has appointed UBS as financial adviser and Herbert Smith Freehills Kramer as legal adviser, while several conditions including exclusivity for due diligence and board approval must be satisfied before any binding agreement. The EQT board has pledged to evaluate the proposal and keep shareholders informed, with no certainty that a formal offer will emerge. The bid comes as EQT manages legacy issues, including civil proceedings related to the First Guardian Master Fund and strategic moves such as exiting independent superannuation trusteeship. If progressed, the deal would require approvals from FIRB, ACCC, and APRA, along with internal approvals from TPG’s Investment Review Committee and a potential Scheme Implementation Deed.