Brookfield Asset Management and Morrison & Co consortium → Uniti Group Limited
completedA consortium led by Brookfield Asset Management and Morrison & Co (later joined by Commonwealth Superannuation Corporation) agreed to acquire Uniti Group, an Australian fibre broadband and telecom infrastructure provider, via scheme of arrangement at $5.00 per share.
The consortium was attracted to Uniti's fibre and telecommunications infrastructure assets as long-duration, inflation-linked infrastructure investments amid growing demand for broadband connectivity.
Uniti's board unanimously recommended the offer after a competing bid emerged from Macquarie Asset Management and Canada's Public Sector Pension Investment Board, judging the final $5.00 per share consortium offer to be superior value for shareholders.
Uniti shares rose sharply toward the offer price through the bidding process; the final agreed price represented a 58.7% premium to the stock's closing price prior to the initial approach.
Deal mechanics
Clayton Utz (legal, advising Uniti in the transaction)
All-cash scheme of arrangement at $5.00 per share
Uniti shareholder approval; scheme implemented 4 August 2022
Comparable deals in Infrastructure
- IFM Investors → Atlas Arteria
- Vocus Group → TPG Telecom's fibre network and Enterprise, Government and Wholesale fixed-line business