EQT Infrastructure makes $2.3b bid for Australia’s Vocus

Photo: Vocus

Australian telco Vocus Group Ltd said on Monday it has received a A$3.27 billion ($2.27 billion) takeover offer from private equity firm EQT Infrastructure, nearly two years after two suitors walked away from the company.

The bid offered A$5.25 in cash for each Vocus share, the company said in a statement, a 35% premium toVocus‘ last close of A$3.89 on Friday.

The offer comes as Vocus undertakes a turnaround plan aimed at cutting its debt load by selling assets, although it was recently forced to retain its New Zealand business after talks for a sale fell through.

Vocus said it would grant non-exclusive due diligence access to EQT to allow the company to potentially put forward a formal binding proposal.

In 2017, Kohlberg Kravis Roberts & Co and Affinity Equity Partners pulled bids for Vocus, at a time when the sector faced headwinds from the rollout of the government-owned National Broadband Network (NBN).

Vocus is currently being sued by shareholders who allege that company engaged in deceptive conduct and breached stock market disclosure obligations regarding earnings guidance in 2017. Vocus intends to defend itself, the telco said in April.

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. 
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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.