AGL Energy Ltd. has withdrawn its nonbinding offer to acquire Vocus Group Ltd. after the parties failed to agree on due diligence terms.

According to a May 31 news release, AGL initially made a confidential, nonbinding indicative offer to Vocus to access due diligence materials in order to decide whether it should proceed with a binding offer or not. The move was part of the company's plans to assess growth opportunities to support its strategy.

The Australia-headquartered telecom company is also an acquisition target of EQT Infrastructure, which offered to buy Vocus for about A$3.3 billion.

EQT Infrastructure is a fund managed by private equity firm EQT Partners AB.