Australia’s Macquarie Infrastructure and Real Assets and Aware Super Pty have agreed to pay $5.50 a share to buy 100 percent of the company.
The deal prices the company at A$3.5 billion. Vocus’ board has backed the takeover.
As always, the deal is subject to shareholder approval, court and regulatory approvals.
MIRA and Aware Super have formed the Voyage Australia consortium to manage taking the business into private ownership.
The move has implications for the proposed float of the company’s New Zealand business which was due to take place later this year. Vocus’ New Zealand brands include Slingshot, CallPlus and Orcon among others.
Vocus is New Zealand’s third largest broadband service provider after Spark and Vodafone.
At the time the board accepted the bid, Vocus chairman Bob Mansfield said: “…the board considered a range of alternatives, including the execution of our existing strategy under which the proceeds of an initial public offer of Vocus New Zealand would reduce debt and be invested in our core business.”
As the agreement completed, Vocus said it would put the planned IPO of the New Zealand operation on hold.
Yet a report in the Australian Financial Review reports on comments by Vocus chief executive Kevin Russell who says the IPO could still go ahead later this year. He also suggested the New Zealand operation was poised to benefit if there are market consolidation opportunities.
However a report in CommsDay says the Voyage consortium may also consider investing in New Zealand opportunities.