Under what it calls a "scheme implementation deed", Uniti Group will acquire 100% of OptiComm shares. The cost has been broken down to $407 million in cash and 84 million in shares, amounting to $125 million.
“The acquisition of OptiComm and the associated Entitlement Offer accelerates our strategy in private infrastructure ownership and delivers the next phase of growth for Uniti shareholders,” said Graeme Barclay, chairman of Uniti Group.
“Shareholders are expected to benefit from significant value creation from this transformational transaction and from the combined scale and capabilities of a more diverse telecommunications infrastructure company with a large pipeline of long-term growth opportunities.”
“The Uniti Board is confident that we are well placed to significantly grow the fibre footprint and maximise the efficiencies of the combined businesses to drive long-term, sustainable shareholder value.”
In addition, each OptiComm shareholder will receive a $0.10 per OptiComm share fully franked special dividend payable by OptiComm upon approval from the company’s board of directors.
Should the deal go ahead, the acquisition of OptiComm will support the delivery of Uniti’s three pillar strategy. specifically:
The acceleration of Uniti’s private infrastructure strategy.
The benefits of network transformation and the opportunity to expand fibre network products and enter into enterprise and business market segments.
As well as financially compelling returns for shareholders, to name a few.
“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 Michael Simmons (pictured), CEO and managing director at Uniti.
In March, Uniti Group and Windstream Holdings reached an agreement in principle to resolve the claims made against Uniti by Windstream.
