Data centre and telecom company Macquarie Telecom Group (ASX:MAQ) has announced the intention to make an off-market bid through its wholly-owned subsidiary Macquarie Cloud Services to acquire all ordinary shares in cloud company Bulletproof Group (ASX:BPF).
Macquarie intends to pay a total value of $17.9 million at a premium of $0.11 cash per share.
The cloud and cyber security business’ interest is in about 26 million Bulletproof shares, representing a 16 per cent stake.
Macquarie CEO David Tudehope said the combination will enable Macquarie and Bulletproof customers to access a full set of cloud options.
He also added that Bulletproof has seen a slowdown in earnings over the last 18 months.
Macquarie Telecom Group (ASX:MAQ) are on a trading halt and last traded at $14.10.