OptiComm has flagged its approval of a renewed acquisition offer from Uniti Group valuing the target company at roughly $610 million.
Founded in 2005 in Port Melbourne, OptiComm is an independent carrier specialising in supplying fibre-to-the-premises (FTTP) network solutions to new residential and business units.
In June, publicly-listed Uniti Group reached into its pockets to front $532 million for the acquisition of OptiComm.
Under the original offer, the telco services provider formerly known as Uniti Wireless would have paid $407 million cash and 84 million Uniti shares valued at around $125 million.
“OptiComm is highly complementary to Uniti’s existing fibre infrastructure business, providing an embedded pipeline of funded organic growth, increased fibre network build capability and a successful, skilled workforce to enhance our proposition to existing and prospective customers," said Uniti managing director and CEO Michael Simmons said at the time.
In early September, Uniti Wireless’ acquisition offer came under threat after super fund First State Superannuation Scheme put $100 million more on the table for the wholesale network infrastructure operator.
Now, Uniti Group has returned with a sweetened deal that implies a fully diluted OptiComm equity value of approximately $610 million.
OptiComm told shareholders that it had entered into an amended and restated scheme implementation deed with Uniti Group — a deal that, when completed, would see Uniti acquire 100 per cent of OptiComm.
“At this stage, OptiComm has yet to receive a binding proposal in connection with the First State non-binding competing proposal,” OptiComm told its shareholders. “As such, the OptiComm board considers the revised binding Uniti proposal to be a superior proposal to the First State non-binding competing proposal.”