Morrison & Co and Brookfield-backed Uniti Group is set to take on old sparring partner Vocus Group, now owned by Aware Super and Macquarie, and infrastructure funds in the battle for TPG Telecom’s Vision Network.
Co and Brookfield-backed Uniti Group is set to take on old sparring partner Vocus Group, now owned by Aware Super and Macquarie, and infrastructure funds in the battle for TPG Telecom’s Vision Network.Street Talk understands interested parties were given access to the data room this week, kicking off what would be one of the last telecommunication infrastructure assets to be carved out.
Bankers have been keen to get close to Uniti’s management team, led by CEO Michael Simmons, who showed last year they were happy to stitch up meaningful deals without expensive financial advisers. It’s understood Uniti is going down a similar path at Vision Network, leaning on its internal team to assess the asset and talking to bankers about funding options or bidding strategy only.Vision Network was pitched as Australia’s largest non-NBN residential wholesale infrastructure access network, with a footprint passing 410,000 premises and 135,000 active subscribers.
Early expectations are of a 50 per cent EBITDA margin and a $1 billion price marker. However, bidders are likely to weigh Vision Network’s NBN overbuild and its predominately copper/HFC versus fibre-to-premise network in sizing their bids. Vocus is expected to also take an IM, while superannuation funds and infrastructure investors that have flooded Australia’s telco infrastructure in the past three years will also take a look.
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