Macquarie Capital (MacCap)

Macquarie Capital Advisers

Macquarie Capital Advisers provides advisory and capital raising services to corporate and government clients involved in public mergers and acquisitions, private treaty acquisitions and divestments, debt and equity fund raising and corporate restructuring. Macquarie Capital Advisers advised on 299 transactions totalling $A203 billion for the full year to 31 March 2009. International offices contributed 58 per cent of net income for the full year.

Advisory activities are aligned into industry groups, reflecting key areas of expertise in: infrastructure and utilities; resources; telecommunications, media, entertainment and technology (TMET); real estate; industrials and financial institutions.

Recent significant transactions have included:

• Exclusive financial adviser to Origin Energy in relation to its defence of BG Group's $A14 billion takeover offer and joint venture with ConocoPhillips of up to $A11 billion, resulting in the largest private treaty asset sale in Australian history and the largest oil and gas asset sale globally in 2008
• Adviser to Rio Tinto on its response to the pre-conditional takeover offers from BHP Billiton  
• Adviser, sponsor, debt arranger and underwriter on the acquisition of Washington-based Puget Sound Energy and its parent company Puget Energy for $US7.9 billion
• Adviser to Borealis Infrastructure on its $C2 billion acquisition of Teranet Income Fund in Canada
• Adviser to Kirin-owned National Foods on the $A880 million acquisition of Australian Co-operative Foods (Dairy Farmers)
• Sole financial adviser to Goldcorp, the world’s second largest gold company by market capitalisation, on its acquisition of Gold Eagle Mines for total consideration of $C1.5 billion
• Adviser and debt arranger to a Bilfinger Berger and John Laing led consortium on the €650 million A1 Hamburg-Bremen road project, the largest public private partnership project in Germany to date
• Adviser to a Marubeni-led consortium on an approximate $S5 billion capital raising and the acquisition of Senoko Power, the largest power generation company in Singapore
• Adviser to Bupa on the merger of its subsidiary, Bupa Australia with MBF Australia by way of a scheme of arrangement, with $A2.4 billion cash consideration distributed to participating MBF contributors, creating the largest private health insurer in Australia at the time of the merger
• Adviser on the £16 billion refinancing of BAA, owner of Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen and Southampton airports
• Adviser to ACS Infrastructure Development on its successful bid for the 35-year concession on the I-595 Corridor Roadway Improvement Project in Florida, US
• Joint lead manager, bookrunner and underwriter on the $S407 million private placement and preferential offering for Ascendas REIT in Singapore
• Adviser and lead sponsor to Macquarie Partnerships for Ireland on its successful bid and financial close for the 27-year concession to develop four new PPP schools across Ireland
• Adviser to funds managed by QIC Global Infrastructure on the $NZ423 million acquisition of a 58 per cent equity interest in Powerco Limited in New Zealand

Awards received by Macquarie Capital Advisers for 2008 include: Best Domestic Investment Bank – Australia (The Asset), Most Innovative Investment Bank – Australia (FinanceAsia), Best Equity House – Australia (The Asset, Asiamoney), Rising Star Equity House – Asia (The Asset), Best Infrastructure House – Asia Pacific (AsianInvestor), Deal of the Year – Asia (CFO Asia), Deal of the Year – China (Asiamoney), Best IPO – Asia (FinanceAsia, Asiamoney, The Asset).

Macquarie Capital Advisers also encompasses Macquarie Capital Funds which manages a range of specialist funds (including infrastructure and real estate funds). Macquarie Capital’s ability to source and acquire unique businesses has allowed it to develop a range of specialist funds globally. As at 31 March 2009, Macquarie Capital Funds had assets under management of $A160 billion.¹  Despite challenging market conditions, Macquarie Capital Funds was able to raise $A7.6 billion of fund and consortia equity demonstrating investor confidence. 

Investors in Macquarie Capital managed funds benefit from Macquarie’s experience which provides a competitive advantage when acquiring and managing businesses. 

During the first half of 2009 Macquarie Capital Securities Division², Macquarie Capital Finance³ and the retail arm of Macquarie Capital Products separated from Macquarie Capital⁴.

¹As at 31 March 2009 FX rates. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at most recent valuation date (31 December 2008, with the exception of RVG where independent valuations are conducted annually in June.) Businesses acquired after 31 December 2008 included at cost.

²Macquarie Capital Securities separated from Macquarie Capital in April 2008.

³Corporate and Asset Finance was formed in September 2008 when Macquarie Capital Finance separated from Macquarie Capital.

⁴Macquarie Capital Products separated from Macquarie Capital in August 2008 (the majority of Macquarie Capital Products is reported as part of MFG from 1 April 2008; certain business lines transferred into Macquarie Capital Advisers).