Lorusso to go public

Vic Lorusso's Australian Traffic Network will pursue an initial public offering, with Morgan Stanley and Macquarie Capital believed to be well positioned to secure advisory roles.

ATN compiles traffic reports in exchange for embedded advertising spots which it sells to a national advertiser base. It is the Australian arm of Global Traffic Network, which is owned by Chicago-based private equity firm GTCR.

Moelis & Co was appointed to run an auction for ATN last year. It's understood private equity firms CHAMP, Pacific Equity Partners and Quadrant, as well as media groups News Corporation and Nine Entertainment Co had a look at the company.

GTCR was said to be gunning for a $225 million to $250 million final price on an enterprise value basis for ATN, which made earnings of just under $30 million last year.

Global Traffic Network which runs similar services in Canada, Britain and the United States and was taken private in September 2011 by GTCR. Moelis advised on that transaction.

Elsewhere, Baillieu Holst was seeking to raise $15 million for Hansen Technologies after market on Tuesday.