QIC Bids for Superloop

Australian-based fiber operator Superloop is the subject of a credible merger offer. The company confirmed late last week that starting in April it has received bids from QIC Private Capital to take the company private, or at least not publicly traded, or something.

QIC stands for Queensland Investment Corporation, and the entity is government-owed. QIC’s latest bid is for $1.95 per share, which works out to AU$494M or US$345M. Superloop’s board, advised by Merrill Lynch Markets (Australia) has granted them 3 weeks to conduct due diligence.

Superloop was founded by the Australian entrepreneur Bevan Slattery, and built out some 670km of metro fiber in Singapore, Hong Kong, Sydney, Melbourne, and Brisbane. They then bought SubPartners, through which they gained a piece of the recently built Indigo cable system, followed by GX2 Technology and the assets of Skymesh.  Last year they did AU$125.2 (US$87M) in revenue.

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Categories: Mergers and Acquisitions · Metro fiber · Undersea cables