Macquarie Infrastructure and Real Assets (MIRA) and Aware Super have signed a A$3.5bn (€2.3bn) deal to take over Australian fibre network provider Vocus.
Last month IPE Real Assets reported that MIRA had made a non-binding, indicative A$5.50 per share proposal for Vocus and MIRA had been granted due diligence access to enable it put forward a binding proposal.
Vocus said it has now agreed to a scheme implementation deed with MIRA and Aware Super. If the scheme proceeded, it said, Vocus shareholders would receive A$5.50 per share in cash.
The offer implies an enterprise value of A$4.6bn for the specialist fibre and network solution provider.
Vocus chairman, Bob Mansfield said the Vocus board is unanimous in its view that this offer is in the best interests of Vocus shareholders.
Vocus managing director and CEO, Kevin Russell, said: “As we enter this new stage of investment and growth, support from MIRA and Aware Super will provide the strongest possible foundation for the business, and the capacity to invest in our key assets and provide exceptional service to our customers.”
The Vocus board unanimously recommended that Vocus shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent expert concluding that the scheme was in the best interests of Vocus shareholders.
Vocus shareholders will be given the opportunity to vote on the scheme at a meeting, currently expected to be held in June, with implementation of the scheme in July.
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