AGL Backs Out of Vocus Buy

AGL Energy Limited (AGL) has determined to cease undertaking due diligence on Australia-based telco operator Vocus and to withdraw its non-binding, indicative proposal to acquire Vocus.

Earlier this month, AGL was granted exclusive access to conduct due diligence on Vocus for a period of four weeks.

However, the energy generator and retailer company has now decided to withdraw its reportedly $3 billion bid on Vocus.

This is the second deal that fell through for Vocus, following the acquisition withdrawal by the Swedish private equity group EQT.

AGL managing director & CEO, Brett Redman, said: “We are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders.”

Share this article

Follow Subsea World News

Posted on June 19, 2019 with tags , .


<< Jan 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >