Reaching a binding sale agreement.
Uniti Group signed a AU$3.62 billion takeover deed with a consortium led by New Zealand’s Morrison and Co and Canada’s Brookfield Asset Management.
Under the scheme implementation deed, MBC BidCo (MBC) is offering a cash price of AU$5.00 per Uniti share, valuing the deal at AU$3.62 billion and an enterprise value of approximately AU$3.73 billion.
Uniti managing director and CEO Michael Simmons said the value placed on Uniti by the Morrison/Brookfield Consortium is a testament to the strength of the Uniti business we have built over the last three years since our listing on the ASX in February 2019,
“We have built a high quality business with long-term annuity earnings, generation from best-in-class fibre access networks and telecommunications technologies.” he said
An announcement explains the acquisition will be conducted by the consortium’s jointly-owned unlisted company, MBC BidCo.
Last month, Uniti decided to favour the Morrison/Brookfield bid, and agreed to cease negotiations with Connect Consortium, which had put in a rival offer of around $3.4 billion.
ABOUT UNITI GROUP
Uniti Group Limited (ASX: UWL) (‘Uniti’) is a diversified provider of telecommunications services. Uniti operates three distinct Business Units (‘BU’), each aligned to a pillar of strategic growth and led by a separate Chief Executive and leadership team. The business units operate as independent businesses Each BU has its own business plan including legal and financial targets.
