The market is getting ready for Nine’s IPO, which will be the biggest listing in recent memory.
The Fin has a report on how much the media company’s hedge fund owners will keep when it floats, which has been a point of speculation in recent weeks.
Oaktree is going to keep 60% of its 28% stake in the business.
Apollo Global Management will hold on to all of its 26% stake.
Smaller shareholders — who own 46% of the business — will sell down around half of their holding.
Nine’s going to issue $275 million worth of new shares.
All this will leave the hedge funds with a diluted 35% control.
There’s more here.