Wed Sep 18 01:12:24 UTC 2024: ## Macquarie Group Weighs Potential $2.4 Billion Sale of UK IT Firm Wavenet

**Sydney, Australia – September 18, 2024** – Macquarie Group Ltd (ASX: MQG) is making headlines again, this time for its potential divestment of its stake in UK-based IT services provider Wavenet. While the company hasn’t confirmed the deal, sources suggest a potential sale could bring in a hefty £1.2 billion (roughly AUD$2.4 billion).

According to Bloomberg, discussions are in the early stages and a formal sale process could kick off next year. Wavenet, established in 2000, specializes in cybersecurity and cloud services for UK organizations. The company recently merged with Daisy Corporate Services and has made six acquisitions since 2021, highlighting its strong growth trajectory.

This potential sale follows Macquarie’s recent $24 billion divestment of its 88% stake in data centre provider AirTrunk to private equity group Blackstone. The deal is expected to boost the bank’s profit this year by an estimated $1.1–$1.3 billion in performance fees.

Macquarie’s BFS division, which includes banking and financial services, has been expanding rapidly, with its mortgage book growing by 1.6% in July, significantly outpacing the broader industry.

Despite Macquarie’s strong performance, analysts remain divided on the company’s future. The bank’s price-to-earnings (P/E) ratio stands at 25 times, higher than many of its global counterparts. However, adjusting for estimated growth rates, Macquarie’s valuation is considered reasonable.

Overall, Macquarie shares have outperformed the broader market, rising 23% this year and 30% in the last 12 months. The stock is currently trading at $227.55 apiece. While the Wavenet sale remains unconfirmed, it highlights Macquarie’s strategic approach to capitalizing on lucrative opportunities. Investors will be closely watching to see how the potential deal unfolds and its impact on the company’s future growth.

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