A Second Bidder Emerges for Austal USA as Wildcat Holds Early Talks
The Florida investment firm could compete with Hanwha, which is already in due diligence on the US yard
Austal has confirmed that it has held initial, preliminary discussions with Wildcat Infrastructure, a US-based investment firm reported to be interested in its American operations. The Australian builder said in a brief stock exchange statement on Monday that it has not received any proposal.
If Wildcat does proceed, it would be challenging Hanwha Group, which already has approval to conduct due diligence on Austal USA. Austal was responding to reports in Western Australia that broke news of a potential second bidder; those unconfirmed reports suggested a competing bid could be placed as early as this week.
Wildcat Infrastructure has not commented. It is listed online as Florida-based and founded in 2010, with a strategy focused on critical infrastructure across energy, information, transport and water. Its website says it launched a defence business in 2026 in response to global events and rising US and allied defence spending, and that it is targeting prime contracts and defence technologies. William Elischer, whose career includes senior roles in Australia's Department of Foreign Affairs and Trade, is listed as leading Wildcat's investment activities and strategic development across defence and national security.
The incumbent process is further along. A US division of the South Korean group sent Austal an indicative, non-binding and conditional offer in early August for an indicative enterprise value of $1.05bn to $1.20bn on a cash and debt-free basis. The board and its advisers judged the offer merited further evaluation and approved due diligence. Speaking to investors at the company's recent earnings report, chief executive Paddy Gregg said there was "great momentum" for that process.
Hanwha's interest is not new. It made overtures in 2025, when Austal said it doubted a deal could win regulatory approval, and the Korean group has since acquired close to 10% of Austal's stock on the open market and received permission from Australian regulators to lift that position to 19.9%.
For Austal, the logic of a sale is a narrowing of focus. The company is understood to want to concentrate on Australian shipbuilding and its satellite operations in the Philippines and Vietnam, and it has completed a Strategic Shipbuilding Agreement with Australia alongside an Australian order book valued at $4bn.
A competing bidder changes the shape of the process rather than its direction. Austal USA is a Jones Act and naval yard, and any transaction has to clear US regulatory review on control of defence production regardless of which buyer prevails.
