SYDNEY AUSTRALIA: Morrison Brookfield Consortium has entered right into a scheme implementation deed (SID) to acquire 100% of Uniti Group Limited (ASX:UWL) by way of a scheme of association (Scheme) for money consideration of $5/Uniti share much less the worth of any dividends or distributions declared or paid after today.
The Uniti shares rice is a 58.7% premium to Uniti’s undisturbed closing share price on 14 March 2022 of $3.15 per Uniti share.
MBC BidCo Pty Ltd (MBC) is an entity wholly owned by a consortium comprising The Morrison & Co Infrastructure Partnership, Commonwealth Superannuation Corporation and Brookfield Australia (together, the Morrison Brookfield Consortium).
The money price of $5.00 per Uniti share implies an fairness value, on a 100% fully diluted basis, of roughly $3.62 billion and an enterprise worth of roughly $3.73 billion.
Uniti Group Limited (ASX: UWL)is a diversified supplier of telecommunications services. Uniti operates three distinct Business Units (‘BU’), every aligned to a pillar of strategic growth and led by a separate Chief Executive and management team. The BU’s function as independent companies and every has its personal marketing strategy together with legal, monetary targets.
Uniti additionally intends to pay a fully franked particular dividend on or earlier than the Scheme implementation date (Permitted Dividend).
Uniti Independent Non-executive Chair, Graeme Barclay, noting that the Uniti Board together with independent administrators had considered and approved the proposed Scheme said, “The Uniti Board is unanimous in its view that this transaction is within the best pursuits of Uniti shareholders. In making this assessment, the Board, together with independent directors, has carefully considered a vary of issues together with its view of the intrinsic worth of Uniti taking into account the company’s present place and future prospects, and the certainty for shareholders of this all-cash offer.
We believe this transaction is an excellent outcome for Uniti’s shareholders, and for stakeholders extra broadly, together with our customers, executives, employees and suppliers.”
Uniti Managing Director & CEO, Michael Simmons, said, “The worth positioned on Uniti by the Morrison/Brookfield Consortium is a testomony to the strength of the Uniti enterprise we have constructed over the final three years since our itemizing on the ASX in February 2019. We have constructed a top excessive quality enterprise with long-term annuity earnings, generated from best-in-class fibre entry networks and telecommunications technologies.
We are immensely proud of the achievements of the Uniti team and believe that under its proposed new ownership, Uniti will proceed to construct upon its now established place as a successful, rising participant within the marketplace for excessive speed, excessive quality, fibre entry networks.”
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