Macquarie-backed investment firm Voyage Australia has received an overwhelming go-ahead from Vocus shareholders to acquire the telco for $3.5 billion.
The $3.4 billion company held a vote on the takeover proposal, and recorded a 99.84 per cent approval rate for the deal.
Voyage’s offer values the parent company of Dodo and iPrimus at $5.50 per share.
Vocus has embarked on a three-year reform campaign to modernise its technologies and streamline the company’s operations. The restructure has resulted in a substantial turnaround in the Vocus’ cost reduction, reach expansion and service improvement.
Voyage described the success of the vote, “Today’s vote is a vindication of that strategy, and recognises the contribution of every Vocus employee towards the successful execution of the company’s turnaround.”
The acquisition project will now progress to the round of regulatory approval. Vocus will now seek the green light from the NSW Supreme Court at a hearing session in two days.
Should the deal secure the final seal of approval, the transaction is expected to be finalised on July 2.
Shares in Vocus Group (ASX:VOC)
are trading 0.2 per cent higher at $5.49