A five-day mandatory auction for United Kingdom–based communications and IT services provider KCOM Group has concluded, with the Macquarie European Infrastructure Fund 6 (MEIF 6) emerging as the winner.
In June, KCOM decided against its initial plan to sell to Humber Bidco, a British pension fund managed by Universities Superannuation Scheme (USSL) for 97 pence per share ($1.22 per share), following a rival bid of 108 pence per share ($1.35 per share) for a total valuation of £563 million ($707 million) by Macquarie.
On July 12, Bidco went up to 113 pence per share ($1.42 per share) but was ultimately overshadowed by Macquiarie’s final, winning offer of 120.3 pence per share ($1.51 per share), which brought KCOM’s total value to £627 million ($788 million).
With €1.5 billion ($1.7 billion) in assets under management, MEIF 6 invests in infrastructure and related businesses located in European OECD countries.
