Australia based-telecommunications vendor- Vocus Group has recently announced receiving an acquisition proposal from Macquarie Group’s prominent investment firm Macquarie Infrastructure and Real Assets Holdings (MIRA).
As per official sources, the deal has been tentatively set at MIRA offering USD 5.50 per share for 100% share in Vocus, with the proposal being indicative and non-binding. The offer is subject to a number of conditions such as securing debt financing, due diligence, a mutually acceptable scheme implementation agreement, and an undisputed recommendation by Vocus’ board.
In a statement released by Vocus, it was stated that post consideration by the board and its advisers, the company has concluded that it is in the best interests of stakeholders to explore the potential for a transaction with MIRA.
Moreover, this proposal has granted MIRA access to potentially introduce a binding offer. It was further reported that the board notes that there is no certainty that the acquisition proposal would result in binding offer for Vocus or not.
It has been reported that Vocus Group has now appointed Allens as its legal advisor and Credit Suisse as its financial advisor for the upcoming years. Besides, the company also mentioned that it would rightfully update the market in line with continuous disclosure obligations.
Moving further, Vocus had in 2017 and 2019 announced receiving acquisition offers from private equity firms Affinity Equity Partners and Kohlberg Kravis Roberts, infrastructure investment firm EQT infrastructure, and energy firm AGL.
It would be noteworthy to state that both Affinity and KKR, had in 2017, offered USD 2.2 billion, which were then rejected stating a forecasted financial improvement and return to organic growth at the time.
MIRA forms as a part of Macquarie Group’s asset management unit Macquarie Asset Management (MAM), which boasts of the ability to Manage US$132 billion in assets including farmlands, telcos, and infrastructure and real estate firms across Australia.