EQT Infrastructure bids for Australia's Vocus

News General Australia 27 MAY 2019
EQT Infrastructure bids for Australia's Vocus

Australian operator Vocus has confirmed that it has received a takeover proposal from EQT Infrastructure at AUD 5.25 per share in cash. The company's shares closed up 17 percent higher at AUD 4.55 following the news.

The bid is subject to the completion of due diligence to EQT's satisfaction; securing committed financing; unanimous recommendation from the Vocus board; and entry into a mutually acceptable scheme implementation agreement. After consideration by the board and the company's advisers, Vocus’ board decided to grant non-exclusive due diligence access to EQT to enable EQT to potentially put a formal binding proposal to Vocus. That process is likely to take a number of weeks. 

The new offer follows a bidding war for Vocus in 2017 by KKR and Affinity, which each offered AUD 3.50 per share for the company. Vocus ended up rejecting the offers and continuing on its own. 

The company operates fibre network services in Australia and New Zealand, including an international cable to Asia. EQT has been actively acquiring similar fibre assets around the world. 

Categories:

General

Companies:

Vocus

Countries:

Australia,  New Zealand

Tags:

Wholesale, M&A buyouts & divestments

Related Articles

AUSTRALIA 9 FEB 2021

Vocus receives takeover bid from Macquarie Infrastructure

Australian operator Vocus confirms it has received a confidential non-binding, indicative proposal from Macquarie Infrastructure and Real Assets and its managed funds (together 'MIRA') to acquire 100 percent of the shares of Vocus via a scheme of arrangement at a price of AUD 5.50 per share. Vocus' board of directors reports that this proposal is subject to satisfactory completion of due diligence by MIRA; MIRA securing debt financing; unanimous recommendation by the Vocus Board; and entry into a mutually a

EUROPE 14 OCT 2019

EQT in talks to buy data centre operator EdgeConneX - report

EQT is in talks to buy data centre company EdgeConneX, people familiar with the matter told Bloomberg. The takeover from investors including Providence Equity Partners is thought to be worth at least USD 2.5 billion, one person said. 

AUSTRALIA 18 JUN 2019

Vocus to launch employee share scheme buyback

Vocus Group has announced it will launch an employee share scheme buyback of 1.69 million ordinary shares which were issued pursuant to the Vocus Loan Funded Share Plan (Plan). The shares that are the subject of the buy-back are currently held on trust for participants who have ceased employment with Vocus and have forfeited the shares in accordance with the rules of the Plan.

AUSTRALIA 11 JUN 2019

AGL makes new bid for Vocus, offers AUD 4.85 per share

AGL Energy had earlier considered making a takeover offer for Australian operator Vocus. However, the non-binding offer was withdrawn after the companies could not reach agreement on the terms for conducting due diligence. 

AUSTRALIA 5 JUN 2019

EQT abandons bid for Australia's Vocus

Australian operator Vocus announced that it has terminated discussions with EQT Infrastructure in relation to its buyout proposal. On 27 May, Vocus received an from EQT to acquire all of the shares in Vocus at a price of AUD 5.25 per share in cash. Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal. Accordingly, discussions with EQT in relation to the proposal have now ceased, Vocus said.

AUSTRALIA 3 JUN 2019

AGL Energy confirms withdrawn bid for Vocus

AGL Energy announced that it considered making a takeover offer for Australian operator Vocus. However, the non-binding offer was withdrawn after the companies could not reach agreement on the terms for conducting due diligence. 

AUSTRALIA 28 MAY 2019

EQT Infrastructure biedt op Vocus uit Australie

De Australische operator Vocus heeft bevestigd dat het een overnamevoorstel van EQT Infrastructure heeft ontvangen voor AUD 5,25 per aandeel in cash. De aandelen van het bedrijf sloten 17 procent hoger op AUD 4,55 na het nieuws. 

MALTA 23 MAY 2019

EQT acquires Maltese operator Melita

EQT Infrastructure IV said it signed an agreement to acquire Malta operator Melita from private equity firms Apax Partners and Fortino Capital. Melita will continue to operate under the leadership of CEO Harald Rosch, a longstanding industrial advisor to EQT. 

GLOBAL 8 MAY 2019

Zayo accepts USD 14.3 bln takeover offer from Digital Colony, EQT

Zayo has confirmed a deal to be acquired by the infrastructure investors Digital Colony and EQT Infrastructure for USD 14.3 billion. The new owners said they plan to continue Zayo's strategy and keep the private company based in Colorado. 

AUSTRALIA 27 FEB 2019

Vocus revenue slightly increases, EBITDA down in half-year period

Australian operator Vocus posted revenue of AUD 974.2 million for the six months ended 31 December 2018, which represents an increase of 1 percent year-on-year. Revenues were boosted by growth in Vocus Networks but offset by declining revenues in Vocus Retail, the company said.

AUSTRALIA 24 DEC 2018

Vocus extends MVNO agreement with Optus to cover 5G services

Vocus Group has announced the execution of a renegotiation and 5-year extension of its current MVNO agreement with Optus Wholesale which includes access to the Optus 5G network and future technologies. The agreement builds upon the long-term partnership between Optus and Vocus brands Dodo, iPrimus and Commander. The partnership provides a platform for Vocus to grow its mobile customer base across its various brands, and is also expected to allow Vocus to access future 5G mobile services, to support the Vocu

AUSTRALIA 5 SEP 2018

Vocus switches on Australia Singapore Cable early following SMW-3 outage

Australian operator Vocus Communications has confirmed that its Australia Singapore Cable (ASC) has been put into early service following a major service disruption on the Sea-Me-We3 (SMW-3) submarine cable between Perth and Singapore. To minimise customer impacts due to the SMW-3 outage, Vocus has implemented an emergency cutover of services that were running through SMW-3 onto the Vocus ASC, which is in its final testing phase.

AUSTRALIA 25 JUN 2018

Vocus closes AUD 1.27 billion, NZD 150 million bank facility

Vocus has closed a new and increased syndicated debt facility of AUD 1.27 billion and NZD 150 million. According to Vocus Group CFO Mark Wratten, the new and upsized syndicated debt facility has been structured "to provide Vocus with the flexibility required to execute its strategic initiatives over the coming years". The new facility has a weighted average tenure of 3.4 years and the Syndicated Facility Agreement stipulates that dividends will not be paid until NLR is below 2.25x for two consecutive testin

NEW ZEALAND 5 JUN 2018

Vocus, Vodafone New Zealand launch JV to unbundle UFB fibre network

Vocus Group and Vodafone have set up a joint venture to unbundle New Zealand's government-backed ultra-fast broadband (UFB) fibre network. Unbundling is expected to allow Vocus, Vodafone and other operators to start providing telecommunications services over the UFB network, reducing their dependence on Chorus and other local fibre companies (LFCs). The joint venture will involve scoping, designing and investing in unbundling the fibre local loops of the four local fibre companies (LFCs), with a view to pro

AUSTRALIA 21 MAY 2018

Vocus appoints Telstra's Russell as CEO

Australian operator Vocus Communications has appointed Kevin Russell as its group managing director and CEO, effective 28 May. Russell will replace Geoff Horth, who stepped down from his position of Vocus CEO in February. Russell previously served as group executive, Retail, at Telstra and Optus' country CEO, Consumer for Australia.

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.