Vocus Communications nears sale of ANZ assets, sets 2018 deadline
Vocus Communications is preparing to sell its Vocus New Zealand (VNZ) and Australian data centres, with an investor update stating a deadline of financial year end 2018 to conclude any business.
The company, which says it has received numerous approaches for the assets, will use the proceeds to “reduce debt leverage ratio and provide strategic optionality.”
This may not be the first series of sales, as the board also confirmed it is has made progress in a review into non-core Australian assets.
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It has not been a plain-sailing year for the company, which revised its 2017 revenue forecast down by $100mn in May, citing changing terms on large projects and lower revenues from its enterprise and wholesale arm.
Vocus is also subject to a legal dispute over an accusation that it misled shareholders over 2017 financials.
The company’s parent, Vocus Group, is home to a number of other telco and technology sector brands, including Slingshot, Switch, Dodo, Commander and Orcon. It has also been subject to a number of takeover bids this year which include offers from Kohlberg Kravis Roberts & Co and Affinity Equity Partners.