Australia’s Rest Super Said to Kick Off Endeavour Stake Sale
- Pension fund is seeking as much as A$1 billion for its stake
- Indicative bids for minority stakes are expected in four weeks
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Australian pension fund Rest Super is kicking off a sale of its minority stake in local electricity distribution firm Endeavour Energy, according to people familiar with the matter.
The fund plans to send out information memoranda as soon as this week, said the people, who asked not to be identified discussing that matter as they were not authorized to speak publicly. Rest Super is seeking as much as A$1 billion ($694 million) for its 12.6% stake in the power company, they said. Interested bidders are expected to provide indicative offers in about four weeks, one of the people said.