Australia’s Vocus says EQT drops $2.3b buyout bid

Photo: Vocus

Vocus Group Ltd said on Tuesday that Swedish private equity firm EQT Infrastructure had withdrawn its A$3.3-billion ($2.30 billion) buyout offer for the telecoms company.

“Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal,” Vocus said in a statement.

Vocus also reiterated its fiscal 2019 underlying core earnings guidance, expected in the range of A$350-A$370 million.

The withdrawal comes just a few days after Australian energy retailer AGL Energy revealed that it had made and then quit a takeover offer for Vocus as it could not agree on due diligence terms with the telecoms firm.

EQT’s offer, which was at a 35% premium to Vocus’ then last close, had come just as Vocus’ turnaround plan was beginning to gain traction. The company had allowed EQT to conduct non-exclusive due diligence terms.

A spokeswoman for EQT declined to comment on the development.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.