EQT withdraws Vocus bid

5 Jun 2019

Just over a week after it was announced that EQT Infrastructure (EQT) had made a non-binding, indicative proposal to acquire all shares in Australia’s Vocus, the Swedish private equity firm has withdrawn its offer, Reuters reports. While EQT itself declined to comment on the development, in a statement Vocus confirmed the decision, noting: ‘Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal.’

Notably this marks the fourth company to have walked away from Vocus in the last two years; just a few days ago Australian energy retailer AGL Energy revealed it had made and then ditched a takeover offer for Vocus as it could not agree on due diligence terms, while back in 2017 private equity firm KKR & Co Inc and Hong Kong-based investment group Affinity Equity Partners each abandoned possible deals after profit warnings from the telco.

Australia, EQT, Vocus Group (incl. Commander, Dodo, iPrimus)