KKR & Co. LP made a preliminary and nonbinding proposal to acquire Australian telecom company Vocus Group Ltd for $3.50 per share in cash.
The private equity firm's offer assumes Vocus Group's net debt as of June 30 will not be greater than A$1.1 billion and that the company's EBITDA for 12 months ending June 30 will be in line with the expected guidance of A$365 million to A$375 million.
Vocus Group has formed an independent board committee to consider the proposal, chaired by the company's independent Chairman David Spence. The company engaged Credit Suisse Group AG and Goldman Sachs Group Inc. as financial advisers and Allens as its legal adviser.
Vocus Group in May was reported to be in preliminary discussions to sell its data center business.
As of June 6, US$1 was equivalent to A$1.33.