Superloop has ended its period of exclusive discussions with private equity firm QIC Private Capital citing that it couldn’t agree to a transaction.
On 3 May, QIC made a$494 million acquisition offer to Superloop at $1.95 per share, revised after it made a previous offer in April of $1.90 per share.
As a result, QIC was offered a three week period of exclusivity to conduct due diligence and establish whether a binding transaction can be agreed to.
In a statement to shareholders on the ASX, Superloop said the board was unable to agree to a transaction and on that basis, the parties decided to discontinue the period of exclusivity.
“The company remains focused on executing its growth strategy across Australia, Singapore and Hong Kong to realise the significant value of its Asia Pacific fibre infrastructure assets,” Superloop said.
Superloop closed the 2018 financial year with $7.1 million net profit after tax, the first positive full year NPAT for the company since listing on the Australian Securities Exchange in 2015.
Superloop was founded in 2014 by entrepreneur Bevan Slattery, who announced he was stepping down from the role of CEO in March 2018, appointing Drew Kelton. Superloop acquired BigAir in 2016 in a deal valued at $95 million at the time.
In April 2017, the company acquired telecommunications infrastructure company, SubPartners for US$2.5 million, which was followed by another acquisition in September, this time of South Australian fixed wireless internet services provider NuSkope for $10 million.
In November 2017, Superloop announced the acquisition of Ruckus partner GX2 Holdings and its subsidiaries for $12 million. More recently, the company acquired the fibre broadband customer base of SkyMesh for $1.5 million.