Hogan Lovells confirms role in $3.5bn telco acquisition

Hogan Lovells has confirmed that it played a role in the massive $3.5bn acquisition of ASX-listed telco Vocus Group Limited by a consortium.

A team from the firm advised Aware Super, a major Australian superannuation fund managing assets worth $140bn. Aware Super makes up the consortium along with Macquarie Infrastructure and Real Assets (MIRA).

Under the terms of the acquisition, the consortium will assume ownership of all Vocus shares at $5.50 per share through a scheme implementation arrangement. The enterprise value of the deal comes in at $4.5bn.

The transaction is expected to be completed in the latter half of this year, subject to approvals from the court and from shareholders.

Hogan Lovell’s Australian M&A partners Charles Bogle and David Holland led the corporate team that worked on the deal. They were supported by senior associate Madison Smith and associates George Hanna and Zac Forrai, while finance partner Bryan Paisley pitched in on the debt financing aspect of Aware Super’s consortium bid.

The Australian team also received assistance from the Brussels office in the form of partner Salome Cisnal De Ugarte and associate Ivan Pico, who worked on the antitrust analysis aspect of the deal.

A team from Gilbert + Tobin also worked with Aware Super in the firm’s role as adviser to MIRA and the consortium as a whole. The firm’s lead partners described the transaction as a landmark deal that “continues the growing trend of sponsors and superannuation funds targeting ASX-listed companies and infrastructure type assets.”

Meanwhile, Allens acted for Vocus, which has been a long-term client of the firm’s. The firm also advised Vocus on a billion-dollar refinancing effort last year.

Vocus provides specialist fibre and network solutions. The company runs a 30,000km fibre network stretching across Australia.