Coles Walks Away From TPG's Greencross Sale, Deal Collapses
TPG sits 20% above its 52-week low of $36.95.
Summary
Coles has ended negotiations to acquire Greencross Pet Wellness from TPG, killing a potential exit for the private equity firm. The collapse removes a near-term monetization event for TPG's portfolio, which had been a bright spot amid recent earnings pressure. TPG reported a Q1 net loss and has been actively deploying capital, including a $10B+ fundraising quarter and a waste-industry acquisition in June. Losing this deal raises questions about Greencross's valuation or sale prospects in the current market. No new buyer has been named.
At the time of this announcement, TPG was trading at $44.16 on NASDAQ in the Finance sector, with a market capitalization of approximately $17B. The 52-week trading range was $36.95 to $70.38. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.