Canadian investment giant’s deal underlines mergers and acquisitions boom in country
Canadian investment giant Brookfield Asset Management has reached a binding agreement to buy Australian telecoms group Uniti for A$3.6bn ($2.7bn), as it pursues public-to-private infrastructure deals in the country.
Brookfield’s push into Australia comes amid a mergers and acquisitions boom in the country — a result of pent-up pandemic demand — with A$308bn of deals in 2021 compared with a 10-year annual average of A$100bn, according to data from Refinitiv.
The deal with Uniti, which is subject to regulatory and shareholder approval, will end Macquarie Asset Management’s hopes of acquiring the business. Macquarie, in a consortium with Canadian pension fund PSP Investments, offered to acquire the company for A$5 a share in March. Uniti may still consider a better offer, but must pay Brookfield a fee if it breaks the agreement. Macquarie said it had no plans to increase its bid.
Read more: FT
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