OptiComm takeover sparks interest from an acquisitive suitor

Four groups are said to be in the running for John Laing renewable energy assets. Picture: AFP

Another suitor is believed to be circling OptiComm after it earlier agreed to embark on a takeover deal with Uniti Group.

While the identity of the suitor remains unclear, some have suggested that Spark Infrastructure cast its eye over the operation recently and may still remain interested.

Spark and APA Group have both indicated during their results that they are keen to make further acquisitions in less typical infrastructure spaces such as renewable energy.

The logic for Spark to look at OptiComm is that it provides internet connection services to both property developers and retail service providers and could be considered “Core-Plus” infrastructure.

It listed last year with a $208.2m market value and shares were sold at $2 each.

While OptiComm and Uniti have both agreed on the takeover deal, shareholders are yet to vote on the transaction.

Meanwhile, the contest for the John Laing renewable energy assets is coming closer to the final stages, with four groups said to be in the final mix.

First Sentier is considered the front runner and is advised by JPMorgan, while ICG and Federation Asset Management are also in the running, but some question whether the latter two parties have the financial fire power to buy the portfolio.

A mystery fourth bidder is in the contest. French suitor Neoen is out of the race.

The bidders are vying for a smaller portfolio after John Laing opted to exclude solar assets in its Australian business, such as the Sunraysia Solar Farm and the Finley solar project, both in NSW.

It means that any acquirer now would need to write a cheque for at least $250m for the wind farm portfolio — about half the earlier estimated amount when the solar projects were also on offer.