Millions for Morrison in sale price

The figure depends primarily on what multiple of M & Co's annual management fees Macquarie has agreed to pay.

The purchase of M & Co is contingent on the success of Macquarie's 90Ac-a-share offer for Infratil Australia, one of three listed investment companies M & Co manages.

Analysts say if both deals go ahead Macquarie bids for Infratil New Zealand and Utilico are inevitable at some point.

Macquarie is not commenting on its intentions toward the other two funds.

Nor is it revealing details of its deal to buy M & Co. It will presumably also compensate Mr Morrison and other M & Co staff for the loss of management options on Infratil Australia shares.

The deals might yet be derailed by a counteroffer for Infratil Australia by Hastings Funds Management, manager of the Australian Infrastructure Fund.

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