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FIFTH TIME LUCKY? Vocus is back online with yet another deal opportunity. Macquarie’s infrastructure arm has provisionally offered A$3.4 billion ($2.6 billion) to buy the Australian fibre broadband network owner. It is the fifth suitor to come calling in recent years. Back in 2019, both AGL Energy and Swedish buyout shop EQT Infrastructure abandoned their bids.
Macquarie’s A$5.50-a-share approach, at a 26% premium to its last close, exceeds those of previous entreaties and values the Vocus enterprise at some 12 times expected EBITDA for the year ending in June, according to Breakingviews calculations. That’s a premium to local rivals Telstra and TPG Telecom.
Battle-scarred investors are hesitant: Vocus shares rallied to barely A$5. For Vocus boss Kevin Russell, striking a sale at last would be a welcome outcome. Losing another M&A connection, however, could be the end of the line for the chief executive who has spent nearly three years trying to clean up a jumbled mess of acquisitions. (By Jeffrey Goldfarb)
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Breakingviews - Capital Calls: Aussie network’s bad M&A connection - Reuters
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