Cost of Vocus NZ, page-7

The multiple varies a lot by sector, mining is usually lower because its a finite resource, contrast that with say Metronode who sold their Data Centers at 20x.

I think 9x is a reasonable expectation, fibre is not a commodity, the market will only support so much competition so its not feasible for a company like Trustpower to start rolling out their own fibre backhaul, and without it they cant compete at the same level as other telcos.

Trustpower trades at EV/EBITDA of 8.3x, so perhaps they would consider anything above $480m (58x8.3) to be a premium.