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Macquarie Capital

Group contribution to profit
based on internal management accounts before tax and profit share

Half year to 30 September 2008:    43 per cent
Half year to 30 September 2007:    52 per cent
                                                                
Staff:    3,203
Activities
Macquarie Capital includes the Macquarie Group's corporate advisory, equity underwriting, specialised funds management (including infrastructure, private equity and real estate1 funds)
Locations 
Australia, Canada, China, France, Germany, Hong Kong, India, Indonesia, Ireland, Japan, Malaysia, the Netherlands, New Zealand, Philippines, Singapore, South Africa, South Korea, Taiwan, Thailand,  the UAE, the UK and the US. 

Macquarie Capital Advisers

Macquarie Capital Advisers provides advisory and capital raising services to corporate and government clients involved in public mergers and acquisitions (M&A), private treaty acquisitions and divestments, debt and equity fund raising and corporate restructuring. Macquarie Capital Advisers advised on 164 transactions totalling $A83 billion for the half year to 30 September 2008. International offices contributed 56% of net income for the half 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;

  • Joint sponsor, joint global coordinator, joint lead manager and joint bookrunner on the successful $A1.8 billion ($US1.5 billion) IPO of China South Locomotive & Rolling Stock Corporation, one of the largest rolling stock manufacturers and solution providers in the world
  • Defence advisor to Dyno Nobel on the $A3.8 billion acquisition of Dyno Nobel by Incitec Pivot via scheme of arrangement
  • Sole M&A buy-side adviser and debt arranger on LS Cable's acquisition of Superior Essex worth $A1.4 billion ($US1.2 billion), the first unsolicited acquisition by a Korean company of a publicly listed US company
  • Adviser to Marunbeni-led consortium on the $A4.3 billion (approximate $S5 billion) capital raising and acquisition of Senoko Power, the largest power generation company in Singapore
  • Adviser on the MBF merger with Bupa by way of a scheme of arrangement with $A2.4 billion cash consideration to participating MBF contributors, creating the largest private health insurer in Australia
  • Adviser on the $A34 billion (£16 billion) refinancing of BAA, owner of Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen and Southampton airports
  • Joint lead manager and joint underwriter on the successful $A700 million raising for Leighton Holding's 1 for 14 accelerated pro-rata entitlement offer.

Awards received by Macquarie Capital Advisers for 2007/08 include: Best M&A House, Australia (Euromoney), Best Equity House, Australia (Asiamoney), Best Asia Pacific Infrastructure House (Asian Investor), North American Deal of the Year (Project Finance), European Private Equity Infrastructure Firm of the Year (Financial News), Asia Pacific Deal of the Year (Air Finance Journal) and Australian M&A Deal of the Year (FinanceAsia, Asiamoney).

Macquarie Capital Advisers also encompasses Macquarie Capital Funds which manages a range of specialist funds including infrastructure and private equity funds. Macquarie Capital’s ability to source and acquire unique businesses has allowed it to develop a range of specialist funds globally. As at 30 September 2008, Macquarie Capital Funds had assets under management of $A149 billion2 and has provided investors with solid returns, achieving a compound annual rate of 11%3 for investors since inception.  Following the merger of the Real Estate group with Macquarie Capital, Macquarie Capital Funds will also manage Macquarie's real estate funds.    

During the first half of 2009 Macquarie Capital Securities Division4 Macquarie Capital Finance and the retail arm of Macquarie Capital Products separated from Macquarie Capital.5 

As at 30 September 2008. Calculated as proportionate enterprise value (proportionate net debt and equity value) as at 30 June 2008 or at a cost if acquired subsequent to 30 June 2008.  Includes $A1.9 billion of assets held directly by Macquarie and managed by Macquarie Capital Funds.

3Annualised return based on all capital raised, distributions paid and valuations (market capitalisation for listed funds and net asset value for unlisted funds and managed businesses) for Macquarie Capital Funds since inception to 30 September 2008 (listed funds as at 30 September 2008, unlisted funds and managed businesses as at 30 June 2008).   Calculated on an AUD basis, with cash flows converted at fixed exchange rates (based on the date of listing for listed funds, first close date for unlisted funds, and financial close date for managed businesses).  Past performance is not indicative of future results.

4Macquarie Capital Securities separated from Macquarie Capital in April 2008.

5Macquarie Capital Products separated from Macquarie Capital in August 2008 (reported as part of MFG from 1 April 2008)

6Corporate and Asset Finance was formed in September 2008 when Macquarie Capital Finance separated from Macquarie Capital.


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