The board of telco business Vocus (VOC) has unanimously recommended the $5.50/share offer for the business from Macquarie Infrastructure (MIRA). The bidder joined forces with Aware Super to complete the offer which will see Vocus shares take off the ASX boards by the middle of this year. It values Vocus on a healthy 12x EV/EBITDA and was a 26% premium to close on the 5th of February, prior to the deal being announced. It brings an end to the turnaround in Vocus after it took on a lot of debt in 2016 in an acquisition spree, the unwinding of which saw shares languish around the $2 mark not long after. Shares were trading 8.6% higher at the time of writing.
MM is neutral VOC, expecting the deal to go through.
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