Miami-based investment firm Wildcat Infrastructure has submitted a nonbinding proposal to acquire Austal USA from its Australian parent company, Austal Limited.
Austal Limited disclosed the offer in a Sept. 9 filing with the Australian Securities Exchange. A syndicate led by Wildcat proposed an enterprise value of $1.25 billion to $1.35 billion on a cash-free, debt-free basis. The offer is conditional on the completion of a four-week due diligence period.
Wildcat indicated that it would operate Austal USA as a standalone company while retaining the Austal brand and the shipbuilder’s U.S. operations.
The proposal exceeds a competing nonbinding offer from Hanwha Defense USA, which valued Austal USA at $1.05 billion to $1.2 billion on a cash-free, debt-free basis.
Austal Limited said its board and advisers will consider Wildcat’s proposal. Neither offer represents a completed transaction.
Mobile, Ala.-based Austal USA builds aluminum and steel vessels for the U.S. Navy, Coast Guard and other government customers.
