Vocus officially acquired by MIRA-Aware Super consortium for AU $ 3.5 billion


Vocus was officially acquired by the Macquarie Infrastructure and Real Assets (MIRA) consortium and the Aware Super retirement fund.

The consortium, called Voyage, will pay around A $ 3.5 billion, or A $ 5.50 per share, to fully acquire Vocus.

The deal was approved by the NSW Supreme Court on Thursday and received the seal of approval from the Australian Securities and Investments Commission on Friday morning, which finalized the deal.

Prior to that, shareholders earlier this week voted almost unanimously to get the deal done, with more than 99% of the votes cast in favor of the sale to Voyage.

The network provider is also expected to be pulled from the Australian Securities Exchange on Friday.

MIRA began its pursuit of Vocus in early February, while Aware Super joined the fray later that month after being rejected by fiber optic company Opticomm last year.

With the deal now finalized, Vocus was finally sold after years of interest from various potential suitors.

In 2017, private equity firms Kohlberg Kravis Roberts & Co and Affinity Equity Partners both submitted separate bids to acquire Vocus, but these two bids were ultimately terminated because the network provider failed to meet its forecast of net profit for fiscal year 2017.

Two years later, EQT Infrastructure offered to acquire Vocus at A $ 5.25 per share, but the deal collapsed after just a few weeks. Energy supplier AGL then presented an offer a month later at A $ 4.85 per share, but it was also abandoned for lack of “sufficient certainty of value creation”.

For the latest half-year results from Vocus, the network provider said its recurring revenue rose 2% to AU $ 896 million, while underlying profit before interest, taxes, depreciation and amortization (EBITDA) remained. stable, hovering around A $ 192 million.

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