Written by Sarah Thompson, Anthony Macdonald, Joyce Moullakis
Bevan Slattery’s Superloop is set to acquire ASX-listed Bigair Group, sources told Street Talk on Tuesday. It’s understood Superloop will offer Bigair shareholders an all-scrip deal, or a cash and scrip alternative, both valuing the company at more than a 30 per cent premium to its last close. The scrip offer is expected to value Bigair at $1.13 a share, while the cash and scrip offer would value it at $1.06 a share, sources said. The takeover is expected to be done via a scheme of arrangement.
Superloop is expected to raise $65 million equity to fund the acquisition. Macquarie Capital and Morgans are expected to run the raising at $3 a share or a 9.6 per cent discount to its last close.
Bigair owns and operates Australia’s largest metropolitan fixed wireless broadband network, covering cities including Sydney, Melbourne, Brisbane, Perth and Adelaide. TMT Partners advised Bigair.
Its biggest shareholders include fund managers Microequities Asset Management and Milford Asset Management.
Superloop is a telecommunications infrastructure company founded by Bevan Slattery and worth more than $340 million.
It recently secured a $25 million corporate debt facility with ANZ Banking Group.
Read more: AUSTRALIAN FINANCIAL REVIEW
