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  • Vocus Group (VOC) has entered a scheme implementation deed with a consortium comprising Macquarie Infrastructure and Real Assets (MIRA) and its managed funds and Aware Super
  • Under the agreement, an entity owned by the consortium will acquire 100 per cent of Vocus’ share capital, priced at $5.50 per share
  • The scheme consideration values the company’s equity at $3.5 billion and implies an enterprise value of $4.6 billion on a fully diluted basis
  • The company’s board has unanimously recommended that Vocus shareholders vote in favour of the scheme
  • CEO Kevin Russell says Vocus is moving into a new phase of investment
  • Vocus shares are trading grey at $5.00 each

Vocus Group (VOC) has entered a scheme implementation deed with a consortium comprising Macquarie Infrastructure and Real Assets and its managed funds and Aware Super.

Vocus provides specialist fibre and network solutions and has a head office in Melbourne.

Under the agreement, an entity owned by the consortium will acquire 100 per cent of Vocus’ share capital at a price of $5.50 cash per share.

The scheme consideration represents a 25.6 per cent premium to Vocus’ closing price on February 5.

It is also a 31.8 per cent premium to the company’s one-month volume-weighted average price (VWAP) on February 5 and a 33.5 per cent premium to its three-month VWAP.

Vocus Chairman Bob Mansfield said the board agreed to unanimously recommend company shareholders vote in favour of the scheme.

“The Vocus board is unanimous in our view that this offer is in the best interests of the Vocus shareholders,” he said.

“In making this assessment, the board considered a range of alternatives, including the execution of our exisiting strategy under which the proceeds of an IPO of Vocus New Zealand would reduce debt and be invested in our core business.

“Feedback from shareholders in recent weeks on the indicative offer of $5.50 originally received from MIRA has been overwhelmingly positive and there is broad recognition that this is a very fair value for Vocus shareholders,” the Vocus Chairman added.

The scheme consideration values Vocus’ equity at $3.5 billion and implies an enterprise value of $4.59 billion on a fully diluted basis.

Vocus’ Managing Director and CEO, Kevin Russell, said the company’s three-year turnaround means it is moving into a new phase of investment.

“This transaction clearly validates [Vocus’] strong operational and financial performance and recognises that we are executing the strategy that we set out in 2018,” he said.

Vocus shares are trading grey at $5.00 each at 10:17 am AEDT.

VOC by the numbers
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