The Universities Superannuation Scheme (USS) has made an offer to acquire 100% of Hull-based IT and communications solutions provider KCOM Group.
Humber Bidco, a wholly-owned indirect subsidiary of USS, and KCOM reached an agreement on the terms of a recommended cash acquisition price of 97 pence per share, the scheme confirmed on 24 April.
The acquisition values the ordinary share capital of KCOM at approximately £504m and, under terms of the acquisition, shareholders will be entitled to receive each share at the full acquisition price.
KCOM interim non-executive chairman Patrick De Smedt commented: "The board believes that the offer of 97p per share represents a compelling opportunity for shareholders to realise an attractive cash value in respect of their shares and recognises the quality of KCOM's businesses and the strength of their future prospects".
USS Investment Management private markets group head Mike Powell said: "We believe that KCOM is a high-quality business that is well-placed to grow and thrive under private ownership and that is why we have made this compelling offer to shareholders at an attractive premium.
"We believe that KCOM's management will be able to enhance the quality of its offering, delivering benefits for customers as well as sustainable, long-term returns".
KCOM directors were advised throughout the process by Rothschild & Co and Arma Partners advised Humber Bidco.
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