Morrison, Brookfield fend off Macquarie interest with fresh Uniti bid

1 Apr 2022

The bidding war for Australian ISP Uniti Group is heating up, with the Morrison/Brookfield Consortium raising its cash bid from AUD4.50 (USD3.4) per share to AUD5 per share to fend off interest from a rival buyer. The new bid values the company at around AUD3.4 billion.

On 23 March Uniti received a rival AUD5 per share offer from the Connect Consortium, which comprises Macquarie Infrastructure and Real Assets Holdings (MIRA Holdings), an entity within Macquarie Asset Management’s Real Assets division, and Public Sector Pension Investment Board (PSP Investments).

Uniti Group – which has been listed on the Australian Securities Exchange (ASX) since February 2019 – operates via three business units: ‘Wholesale & Infrastructure’, ‘Communications Platform as a Service (CPAAS)’ and ‘Consumer & Business’. The group’s consumer ISP brands include Uniti Wireless, Fuzenet, Harbour ISP and 1300 Broadband. Uniti claimed 227,134 ‘connected premises’ as of 31 December 2021, of which 142,607 were active.