Macquarie Infrastructure and Real Assets finalises acquisition of KCOM Group
London, 19 Aug 2019
Macquarie Infrastructure and Real Assets (“MIRA”), via Macquarie European Infrastructure Fund 6 (“MEIF6”), has finalised the acquisition of KCOM Group (“KCOM”), a provider of essential telecommunications infrastructure and services to households and businesses in the Hull and East Yorkshire region.
The settlement of shares follows the recommendation of MEIF6’s £627 million cash offer by the KCOM Board on 12 July after a competitive auction process. The scheme of arrangement was approved by a majority of shareholders on 26 July 2019, with KCOM subsequently de-listed from the London Stock Exchange on 2 August 2019.
KCOM is one of the UK’s longest-established telecommunications companies. In the Hull and East Yorkshire region, the business is a leading provider of fixed-line telecommunications infrastructure – providing voice and broadband connectivity services to approximately 140,000 households and businesses via its fibre-to-the-premises network. KCOM also offers IT and communications services to large enterprise and public sector organisations around the UK.
Leigh Harrison, Head of MIRA EMEA, said: “We are delighted to have finalised the acquisition of KCOM. We are looking forward to working closely with KCOM’s management team and workforce to increase fibre accessibility and reduce digital exclusion in the region. By investing to develop and expand KCOM’s networks, we hope to deliver the infrastructure that will underpin growth and innovation in East Yorkshire.”
Graham Sutherland, CEO of KCOM, said: “We are pleased to be partnering with an investor that has deep, global expertise in our industry. We are confident that Macquarie Infrastructure and Real Assets will support our long-term growth ambitions whilst helping us maintain our strong local focus and presence.”
MIRA has been a leading owner of, and investor in, critical telecommunications infrastructure for nearly two decades. Under MIRA’s management, assets such as fibre and cable networks, broadcast infrastructure, secure mobile networks, and mobile towers have provided services to millions of consumers and business customers.
Macquarie has had a presence in the UK for 30 years, opening its London headquarters in 1989. Today, Macquarie is one of the largest investors in the UK, having invested and arranged more than £40 billion in infrastructure projects since 2005.
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than twenty-five years, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. As at 31 March 2019, MIRA managed approximately £99 billion in assets that are essential to the sustainable development of economies and communities, including; 155 portfolio businesses, ~600 properties and 4.7 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,700 people and is listed on the Australian Securities Exchange (ASX:MQG).
For further information, please visit www.MIRAFunds.com