Vocus Group agrees scheme of arrangement with Macquarie-led consortium.
The pending float of telco Vocus New Zealand has been halted by an agreed A$3.5 billion takeover deal for its ASX-listed parent Vocus Group.
An initial public offer for Vocus NZ was announced last November, with Goldman Sachs, Jarden and Craigs appointed joint lead managers.
Last month Vocus said the process was “progressing well” despite speculation a proposed offer from the Macquarie-led consortium would interrupt it.
Today Vocus Group announced it had agreed a scheme of arrangement with the Macquarie Real Infrastructure and Assets fund and Aware Super at A$5.50 a share in cash.
Telecommunications company Vocus has agreed to be acquired by a consortium of Macquarie Infrastructure and Real Assets (MIRA) and Aware Super for $3.5 billion.
The decision comes one month after MIRA first approached Vocus with an indicative and non-binding proposal for $5.50 per share. Aware Super joined the consortium a few weeks later.
Vocus’ board unanimously recommended that shareholders vote in favour of the acquisition unless a superior offer is made. The scheme meeting is set for sometime in June this year and the transaction is expected to close by July.
“The Vocus board is unanimous in our view that this offer is in the best interests of Vocus shareholders. In making this assessment, the board considered a range of alternatives, including the execution of our existing strategy under which the proceeds of an IPO of Vocus New Zealand would reduce debt and be invested in our core business,” Vocus chairman Bob Mansfield said.