Australia’s Uniti agrees to $2.7 billion takeover offer from Brookfield, Morrison & Co
(Reuters) -Uniti Group has agreed to an almost A$3.62 billion ($2.70 billion) takeover provide by a unit of Canada’s Brookfield Asset Administration Inc and fund supervisor Morrison & Co, the Australian telecom agency mentioned on Thursday.
Uniti shares, which have surged greater than 50% since coming into unique talks with Morrison on March 15, had been up 3.1% at a report excessive of A$4.97 in early buying and selling.
Below the potential deal, Uniti shareholders will obtain A$5.0 per share, representing a premium of 58.7% to the inventory’s closing value on March 14, a day earlier than the telecom agency obtained an preliminary A$4.50 per share provide from Morrison.
Uniti’s board unanimously advisable that its shareholders vote in favour of the proposal.
Late March, the Morrison-Brookfield consortium matched a rival provide of A$5 a bit from Macquarie Group’s asset administration arm and Canada’s Public Sector Pension Funding Board for Uniti.
The proposal required the Australian telecom agency to not interact additional with the Macquarie-led consortium or grant it due diligence entry.
The proposal for Uniti is Morrison & Co’s newest enterprise into the telecom area after funds managed by it acquired a 49% stake in Telstra’s cell tower enterprise final 12 months.
Brookfield has additionally been concerned in a variety of offers in Australia. In latest weeks, its funding car purchased asset supervisor La Trobe Monetary in a $1.1 billion deal, and it had additionally tried to purchase energy producer AGL Vitality.
($1 = 1.3428 Australian {dollars})
(Reporting by Harish Sridharan in Bengaluru; Enhancing by Vinay Dwivedi and Sherry Jacob-Phillips)
