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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Macquarie Group Ltd    MQG   AU000000MQG1

MACQUARIE GROUP LTD

(MQG)
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Macquarie : Infrastructure and Real Assets Wins Bid for KCOM Group

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07/12/2019 | 12:41pm EDT

By Oliver Griffin

Macquarie Infrastructure and Real Assets (Europe) Ltd. has outbid its rival, Universities Superannuation Scheme, in an auction to buy KCOM Group.

On Friday, Macquarie once again increased its bid, this time to 120.3 pence per KCOM share, or 627 million pounds ($785.7 million). The bid was placed by MEIF 6 Fibre Ltd., a wholly owned subsidiary of Macquarie European Infrastructure Fund 6 SCSp, which is managed by the company.

At the same time, Universities Superannuation Scheme said subsidiary Humber Bidco Ltd. raised its bid to buy KCOM to 113 pence a share, or GBP589 million, up from its most recent offer of 110 pence a share on Wednesday.

The bids form the closing stages of a battle to buy KCOM, a London-listed telecommunications company, after the U.K. Takeover Panel ruled that an auction would be used to end the bidding war.

Last week, regulators said the auction would end by 1600 GMT on July 12 at the latest.

Universities Superannuation Scheme, a university private-pension plan, first made a recommended 97 pence per share offer for KCOM in April, but was outbid by Macquarie--a subsidiary of Macquarie Group--which came forward with a 108 pence per share proposal.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
KCOM GROUP PLC 0.00% 120 Delayed Quote.64.38%
MACQUARIE GROUP LTD 0.10% 127.42 End-of-day quote.17.16%
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Financials (AUD)
Sales 2020 12 891 M
EBIT 2020 3 885 M
Net income 2020 2 981 M
Debt 2020 43 864 M
Yield 2020 4,69%
P/E ratio 2020 14,7x
P/E ratio 2021 14,1x
EV / Sales2020 6,61x
EV / Sales2021 6,60x
Capitalization 41 290 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 133,79  AUD
Last Close Price 127,42  AUD
Spread / Highest target 16,9%
Spread / Average Target 5,00%
Spread / Lowest Target -3,08%
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Managers
NameTitle
Shemara Wikramanayake Chief Executive Officer, Executive Director & MD
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Operations Group
Alex Harvey CFO & Head-Financial Management Group
Michael John Hawker Independent Non-Executive Director
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