The next transaction for Macquarie Infrastructure and Real Assets and Aware Super after they have completed a $3.5bn deal to buy Vocus could be an acquisition of Uniti.
Uniti, a $1.5bn listed internet infrastructure and service provider, has assets that are highly complementary to Vocus, an Australian and New Zealand internet wholesaler and retailer.
Market analysts believe combining both operations makes sense.
Some think it is just a matter of time before the soon-to-be Vocus owners target the telecommunications group.
Last month, there were rumblings in the market that at least one party had been circling Uniti, and now some are pointing to Aware Super as being the group that had shown interest.
Uniti ousted Aware Super in the contest to buy Opticomm, but it had to fight hard for the listed target.
It is also worth noting that members of the Uniti management are former Vocus executives, including chief executive Michael Simmons, executive director Vaughan Bowen and chief financial officer Ashe-lee Jegathesan.
With its internet infrastructure, Uniti has so far focused largely on the apartment market, offering internet infrastructure connection services for new developments that opt not to use the NBN.
The business is considered defensive and the sort of asset that is highly appealing to superannuation funds.
MIRA is in spending mode after raising fresh funds, and it emerged as a bidder for Vocus on February 8, offering $5.50 per share.
But apparently the infrastructure investment powerhouse and the telecommunications group had been in talks for months about a transaction and had even discussed what would be an acceptable price.
Aware Super emerged on the scene at a later stage, teaming up with MIRA for the Vocus bid.
Vocus announced on Tuesday that it had entered an agreement for MIRA and Aware Super to buy the business for $5.50 a share, or $3.5bn.
The deal comes after a string of suitors have looked at Vocus before later opting to walk away and after chief executive Kevin Russell finished its turnaround program.
The offer is a 25.6 per cent premium to the Vocus closing price of $4.38 a share on February 5. Shareholders will vote on the transaction in June.
MIRA was advised by Morgan Stanley, while Aware Super was advised by ICA Partners.
Vocus took advice from Credit Suisse.
With money burning a hole in MIRA’s pocket, there is also talk that the Macquarie infrastructure division will also go after NBN assets when the government eventually puts the network up for sale.
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