Transactions - JUNE 3, 2019

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

KCOM decides against Humber Bidco sale, accepts £563m Macquarie bid

by Kali Persall

KCOM Group PLC has decided not to sell to Humber Bidco, a British pension fund managed by Universities Superannuation Scheme (USSL), in favor of a higher bid backed by Macquarie European Infrastructure Fund (MEIF), according to Reuters.

In April, Bidco agreed to purchase KCOM, a leading provider of IT and communications solutions to consumers and businesses across the United Kingdom, for £504 million ($636 million). Teleios Capital, KCOM’s largest investor, had agreed to back the offer.

The new £563 million ($707 million) MEIF offer represents a 49 percent premium to KCOM’s April 23 cash closing price. The offer values KCOM at 108 pence per share ($1.35 per share), ahead of 97 pence per share ($1.22 per share) of Bidco’s offer.

The €1.5 billion ($1.7 billion) MEIF investment fund invests in infrastructure and related businesses located in European OECD countries.


Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.