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Media Release: $3.7 billion Uniti Group Limited acquisition signals strong times for M&A activity in TMT sector
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The $3.7 billion acquisition of diversified telco Uniti Group Limited (Uniti Group) last quarter – on which Clayton Utz advised – was a landmark deal for the TMT sector that is likely to see further activity as investors see long-term value in digital infrastructure assets.
A consortium comprising Morrison & Co, Brookfield Asset Management and Commonwealth Superannuation Corporation acquired our client Uniti Group in a deal completed on 22 July 2022, one of the year’s largest. Clayton Utz Corporate partner and National Practice Group Leader Rory Moriarty led our teal team, which included senior associate Kimberley Grellinger and lawyer Katherine Silvers.
Rory said investor appetite for acquisitions in the TMT sector – which has dominated globally deal-making over the last two years, accounting for 30 per cent of total deals globally – was likely to continue.
Uniti Group represents a very attractive asset and while we don’t see deals of this size every day, we can expect investors to continue to seek out TMT acquisitions as long-term plays.
Uniti Group Limited
Uniti Group Limited is Australia’s second largest fibre-to-the-premises (FTTP) provider and owns fibre broadband builders OptiComm and LBNCo, as well as Telstra’s former FTTP, Velocity.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.