Bayard raises A$150m to fund big acquisitions

Bayard Capital, a closely held investment company started by Cameron O'Reilly, has raised more than A$150 million ($164 million) from professional investors to fund potential acquisitions.

"We are looking at acquisitions of up to several hundred million dollars," O'Reilly said yesterday.

Bayard might consider a dual listing in two to four years, said the son of Irish billionaire Sir Anthony O'Reilly.

"Given the majority of our earnings base is in the Northern Hemisphere, we would have the major listing" there.

Sydney-based Bayard Capital agreed in 2004 to buy Switzerland's Landis & Gyr, the world's biggest maker of electricity meters, from a unit of Kohlberg Kravis Roberts. The price was not undisclosed.

Europe's No 1 insurer, Allianz, a Belgian investment company, Sofina, and an investment unit of Dubai Holding have become shareholders in Bayard after the capital raising.

Other investors in Bayard include Rural Press chairman John Fairfax, former Lion Nathan chairman Doug Myers, Sir Anthony O'Reilly and Seven Network executive chairman Kerry Stokes.

- BLOOMBERG