IGL +4.13%: Today announced they are the preferred party to negotiate and acquire their major competitor (Ovato) that recently went into administration. The move has the potential to add over $200m in annualised revenues, a significant asset base and deliver material synergies (if successfully delivered and ACCC approved). This event has been a long time coming as OVT has had material difficulties, of which COVID has exacerbated. We would expect any transaction when all said and done to be highly accretive to IGL, albeit with plenty of water to flow under the bridge and more information to come.
MM continues to like IGL
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