Billionaire Mike Cannon-Brookes’ investment fund Grok says it is willing to work with a consortium of “constructive” new investors to rebuild the collapsed $35 billion Sun Cable project.
Billionaire Mike Cannon-Brookes has taken a swipe at his former business partner and rival billionaire Andrew Forrest over the collapsed $35 billion Sun Cable project amid suggestions a number of new local and international investors could be sizing up the business.
Both sides had proposed new funding packages for the business but were unable to agree on the structure of the deal and vetoed each other’s plans, leaving no path forward other than administration.Underlying this were concerns from Forrest’s side that tech-savvy Cannon-Brookes – who chairs Sun Cable’s board – did not have the required experience to oversee such a large infrastructure project.
However, these bidders were gazumped by none other than Forrest’s own Squadron Energy, which succeeded in purchasing CWP in a surprise $4 billion bid, meaning the billionaire may need to buddy up with his former investing rivals if he wants to remain invested in Sun Cable.
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