PSP Investments, Macquarie make A$3.6bn counterbid for Uniti Group

Canada’s PSP Investments and Macquarie Asset Management have submitted a A$3.6bn (€2.5bn) counterbid for Australian fibre infrastructure firm Uniti Group.

The 50-50 partnership, known as Connect Consortium, has offered Adelaide-based Uniti a cash payment of A$5 per share via a scheme of arrangement.

This compares with an offer of A$4.50 per share from Morrison & Co last week, valuing Uniti at A$3.05bn.

Uniti said the Connect Consortium’s indicative proposal was subject to a number of conditions, including satisfactory completion of due diligence, regulatory approval and the bidders receiving internal final approvals for the acquisition.

“The board of Uniti is currently considering the terms of the Connect Consortium indicative proposal,” it said, while noting that it was uncertain that the indicative proposal would result in an offer to Uniti shareholders.

The board had last week granted Morrison & Co rights for exclusive negotiations with Uniti until April 22.

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