Macquarie buying Vocus, owner of Orcon and Slingshot, heading off NZX listing
9 Mar, 2021 04:37 AM
4 minutes to read
Macquarie has entered an agreement to buy ASX-listed Vocus Group - owner of Orcon and Slingshot on this side of the Tasman - in a A$3.5 billion ($3.7b) deal, subject to investor and regulatory approval.
The ASX-listed investment banking and infrastructure investment firm teamed with Aware Super - Australia s second-largest retirement fund - on its $5.50 per share offer.
In recommending shareholders accept the deal - set to close in July if all approvals go to plan - Vocus chairman Bob Mansfield said in a statement to the ASX that the board had considered it against alternatives, including pressing ahead with the plan to list Vocus NZ business, then use the estimated $722 million proceeds to pay down debt.
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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.