Key Takeaways
- • TPG has acquired a 14.9 per cent stake in EQT Holdings, parent of Equity Trustees, through an on-market trade, according to the Australian Financial Review's Street Talk column.
- • TPG's non-binding takeover proposal, submitted August 17, 2026, values EQT at A$24.55 per share, roughly A$657.8 million (about US$468 million) according to multiple reports.
- • EQT is weighing competing non-binding proposals from TPG and fellow private equity firm BGH Capital.
- • The board has said the indicative prices undervalue the firm and is offering both bidders access to non-public information under a standstill.
- • EQT has reportedly engaged UBS, with Jefferies also referenced in coverage of the TPG buyout.
Summary
TPG has built a 14.9 per cent stake in EQT Holdings, the parent company of Equity Trustees, by buying shares on market, according to the Australian Financial Review's Street Talk column. The move positions the private equity firm ahead of a potential takeover of the responsible entity services provider to fund managers.
TPG's non-binding proposal, submitted on August 17, 2026, was pegged at A$24.55 per share. Other coverage valued the indicative offer at approximately A$657.8 million (about US$468 million), and one report cited a figure of $678 million. Sources note there is no certainty the proposal will result in a formal binding offer or that any transaction will proceed.
EQT is evaluating competing non-binding approaches from TPG and BGH Capital, another private equity firm. According to reporting, the board has said the indicative prices undervalue the company. To facilitate due diligence, it is offering both bidders access to non-public information under a standstill arrangement. Equity Trustees boss Mick O'Brien and director Catherine Robson have been named in coverage of the process.
EQT has reportedly appointed UBS as adviser following the buyout approach, and Jefferies has also been referenced in coverage of the TPG transaction. As the company positions its business toward wealth services, the outcome of the dual-bidder process will be closely watched by institutional investors in Australia's fund services sector.
TPG's non-binding proposal, submitted on August 17, 2026, was pegged at A$24.55 per share. Other coverage valued the indicative offer at approximately A$657.8 million (about US$468 million), and one report cited a figure of $678 million. Sources note there is no certainty the proposal will result in a formal binding offer or that any transaction will proceed.
EQT is evaluating competing non-binding approaches from TPG and BGH Capital, another private equity firm. According to reporting, the board has said the indicative prices undervalue the company. To facilitate due diligence, it is offering both bidders access to non-public information under a standstill arrangement. Equity Trustees boss Mick O'Brien and director Catherine Robson have been named in coverage of the process.
EQT has reportedly appointed UBS as adviser following the buyout approach, and Jefferies has also been referenced in coverage of the TPG transaction. As the company positions its business toward wealth services, the outcome of the dual-bidder process will be closely watched by institutional investors in Australia's fund services sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.