AGL has made a huge move in diversification of the company’s primary position as an energy giant into the data infrastructure and telecommunications sector, putting in a $3 billion offer to buy telco Vocus.
The offer to Vocus is non-binding and offers to buy all shares in the company at a price of AU$4.85, to be implemented by way of a scheme arrangement. Vocus has since the offer opened its books to AGL, granting it exclusive access to conduct due diligence for a period of four weeks.
Vocus has received a higher offer floated by European private equity group EQT Infrastructure of $5.25, but AGL’s offer is still 10 per cent higher than what Vocus was trading at before EQT’s bid, according to the ABC.
Experts have speculated AGL’s bid may be highly strategic, providing data provision as in-home devices become more connected and customers look to control energy use.
AGL operates Australia’s largest electricity generation portfolio and has 3.6 million customer accounts.
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