EQT Infrastructure makes non-binding bid for Vocus

28 May 2019

Australian telco Vocus Group has revealed that it has received a confidential, non-binding, indicative proposal from Swedish private equity firm EQT Infrastructure (EQT), under which the latter is seeking to acquire all Vocus shares at a price of AUD5.25 (USD3.63) per share in an all-cash deal.

With this offer valuing Vocus at around AUD3.3 billion, it was noted that the indicative proposal is subject to several conditions, including: the completion of due diligence to EQT’s satisfaction; securing committed financing; obtaining a unanimous recommendation from the Vocus board; and entry into a mutually acceptable scheme implementation agreement. In addition, any scheme implementation agreement will reportedly be subject to a number of further conditions, including shareholder, court and regulatory approvals.

In its press release regarding the development, Vocus said that, after consideration by its board and the company’s advisers, the former had decided to grant non-exclusive due diligence access to EQT to enable it to potentially put a formal binding proposal to Vocus. It added that this process is likely to take ‘a number of weeks’, while it also noted that there is no certainty that a final offer will be forthcoming.

Australia, New Zealand, EQT, Vocus Group (incl. Commander, Dodo, iPrimus), Vocus New Zealand (incl. Orcon, Slingshot)