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ASX Live Coverage – August 15
Welcome to our live coverage for the ASX on Friday, August 15. We are pleased to introduce this new format, which will feature numerous updates throughout the day, especially pre-market. Expect today’s updates to conclude around 2:00 PM AEST. Don’t forget to refresh the page for the latest information and feel free to share feedback with us here.
Major Stake Reduction by Soul Pattinson in Tuas
[8:49 AM] Washington H. Soul Pattinson, a prominent investor in Tuas, has significantly reduced its holding from 21.2% to 14.6%. This comes on the heels of a $140 million block trade at $7.00 per share, which was previously reported by the Australian Financial Review. The timing coincides with Tuas’ recent agreement to purchase M1 Limited, a telecommunications entity that brings in approximately A$960 million in revenue from two million mobile subscribers.
Source: ASX Announcement | Company page: Tuas (TUA).
Ampol’s Strategic Acquisition
[8:47 AM] Ampol is a stock of interest today, having finalised a share purchase agreement to acquire EG Group Australia for $1.1 billion. Here are the critical details:
- Deal Structure: Approximately $800 million will be funded through existing debt, complemented by $250 million in shares, adjusted for upfront working capital.
- Regulatory Actions: The Australian Competition and Consumer Commission (ACCC) is likely to require the divestment of around 20 locations to mitigate competition issues.
- Valuation & Synergy: The acquisition is expected to result in a post-synergy evaluation multiple of 5.8x EV/EBITDA with targeted synergies ranging between $65 million and $80 million.
- Financial Projections: Anticipated high single-digit proforma EPS growth and double-digit proforma free cash flow per share growth following synergy realisations.
- Leverage Outlook: Expected net leverage is projected to return to 2.0–2.5x by the end of 2027 after complete integration.
- Timeline: The deal is slated for completion by mid-2026, with full integration aimed to be achieved within approximately two years post-closure.
Source: ASX Announcement | Company page: Ampol (ALD).
S&P 500 Updates
[8:43 AM] The S&P 500 has reached a new all-time high (+0.03%), although underlying performance was lacklustre:
- Sector Performance: Only four of the eleven sectors—Financials, Healthcare, Discretionary, and Communication Services—finished in the green.
- Equal-weighted Index: The equal-weighted S&P 500 index fell by 0.65%.
- Small-Cap Index: The Russell 2000 experienced a pullback of 1.2% after a strong 5.0% rally over the preceding two sessions.
Morning Market Overview
[8:32 AM] ASX 200 futures have increased marginally by 8 points (+0.09%) following a rather subdued overnight session in the US, where most indices closed with little change. This week wraps up quietly with a few FY25 financial results and an influx of Chinese economic data expected around noon.
If you’re new to our blog, catch up quickly with the current Morning Wrap.
