Macquarie Infrastructure and Real Assets (MIRA) has announced that, via Macquarie European Infrastructure Fund 6 (MEIF6), it has finalised the acquisition of Hull-based telecoms provider KCOM Group.
As previously reported by CommsUpdate, last month the UK’s Takeover Panel announced that an auction would be conducted to determine a winning bidder for KCOM Group. Subsequently, MEIF 6 Fibre emerged as the victor at the conclusion of the auction later in July, when the Takeover Panel confirmed that MEIF 6 Fibre’s offer of GBP1.203 (USD1.46) per share had trumped a rival bid of GBP1.130 from UK-based pension fund Universities Superannuation Scheme Limited’s Humber Bidco subsidiary.
Now, in a press release confirming the transaction’s completion, MIRA noted that the settlement of shares followed the recommendation of MEIF6’s cash offer – which valued KCOM Group at GBP627 million – by the KCOM Board. It noted that the scheme of arrangement had been approved by a majority of shareholders on 26 July 2019, with KCOM subsequently de-listed from the London Stock Exchange (LSE) on 2 August 2019.
Commenting on the matter, Leigh Harrison, Head of MIRA EMEA, said: ‘We are delighted to have finalised the acquisition of KCOM. We are looking forward to working closely with KCOM’s management team and workforce to increase fibre accessibility and reduce digital exclusion in the region. By investing to develop and expand KCOM’s networks, we hope to deliver the infrastructure that will underpin growth and innovation in East Yorkshire.’ Graham Sutherland, CEO of KCOM, added: ‘We are pleased to be partnering with an investor that has deep, global expertise in our industry. We are confident that [MIRA] will support our long-term growth ambitions whilst helping us maintain our strong local focus and presence.’