The US private equity giant circling Leighton’s services assets is believed to be Apollo Global Management, sources told The Australian yesterday.
The firm, which describes itself as a contrarian investor in private equity and real estate, was one of the hedge funds, along with US-based Oaktree, that has held a 36 per cent stake in the media company Nine.
It was also rumoured as a contender to buy BHP Billion’s Nickel West.
Apollo is thought to be competing with Spanish construction firm Ferrovial for the services business.
The move comes after the Chinese construction and infrastructure suitor, China Communications Construction Co, advised by Morgan Stanley, was recently named by The Australian as one of the groups that made it through to the second bidding round for Leighton’s contractor John Holland, while another party interested is believed to be Samsung.
Hochtief, controlled by Spanish construction giant ACS, increased its interest in Leighton to just under 70 per cent following a proportional takeover this year.
Following the bid, it announced a restructure of Leighton and placed various assets on the market, collectively estimated to be worth as much as $3bn.