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 , .

Events>

<< Jul 2019 >>
MTWTFSS
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 3 4

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >