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EQT Infrastructure offers to buy Australia's Vocus Group for A$3.3B

EQT Infrastructure, a fund managed by private equity firm EQT Partners AB, submitted a nonbinding offer to acquire all of the shares in Australian telecom operator Vocus Group Ltd. for A$5.25 per share in cash.

The total offer price is A$3.3 billion, Reuters reported.

Vocus' board has allowed EQT to conduct nonexclusive due diligence on the company. The board said there is no certainty that the process will result in a formal acquisition offer.

Should a deal be reached, the acquisition would be implemented through a scheme of arrangement. The scheme would be subject to the completion of due diligence, securing committed financing, a unanimous recommendation from Vocus' board, an implementation agreement accepted by both Vocus and EQT, as well as shareholder, court and regulatory approvals.

The offer came days after EQT Partners agreed to acquire Malta-based telecom services provider Melita PLC for an undisclosed sum.

Vocus, in 2018, ended talks with interested parties for the supposed sale of its New Zealand business, saying none of the offers "appropriately reflected the fundamental and strategic value" of the business.