Two hedge funds own most of Nine, and they’re keeping the majority of their stake when the entertainment company lists in mid-December.
This could mean, according to a report in the Australian Financial Review, that the value of new shares issued could be as little as $450 million.
The report says Oaktree Capital — one of the funds — wants to keep up to 80% of its stake.
Oaktree and Apollo Global Management own around 50% of the company, which conservative estimates say will be worth about $2.5 billion when it goes public.
There’s more here.