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There's few more efficient and experienced dealmakers globally than Canada's Brookfield and Australia's Macquarie.
So perhaps we shouldn't be surprised to hear the pair has stitched a deal to see Macquarie's MIRA acquire what would be Brookfield's stake in Hunter Valley coal carrier and Darwin-to-Adelaide rail operator, Genesee Wyoming Australia (GWA).
It is understood the two parties have agreed a deal that would see MIRA take the 51.1 per cent stake and it is likely to be signed in coming days.
The deal is expected to be conditional on Brookfield acquiring GWA's parent company, US-listed Genesee & Wyoming, as planned, and is likely to be worth about $1 billion.
GWA's business includes carrying coal in the Hunter Valley region of NSW for miner Glencore. Dean Osland
It would see MIRA move to 100 per cent ownership of GWA, only three years after it first popped up on the haulage company's share register.
The infrastructure investment firm is likely to have months to come up with the funds, and can decide whether to buy the stake using its own managed fund or seek third party investors to join the syndicate.
To recap, MIRA had pre-emptive rights over the stake under a shareholder agreement with Genesee & Wyoming. MIRA is expected to exercise that pre-emptive right, to prevent G&W's incoming investor, Brookfield, testing the stake on the open market.
Street Talk flagged that MIRA was likely to take the stake on Tuesday, following announcement of Brookfield's $US8.4 billion bid for Genesee & Wyoming.
This article first appeared on www.afr.com
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