NZ sale price

As I wrote earlier, there is no way the transaction in NZ goes through at 0.75x sales.  That was wishful thinking.

Private Equity made a firm offer for Vocus in its entirety at $3.50 which equates to an Enterprise Value of $3.2-3.3bn.
The implied EV/EBITDA multiple is 8.5x.


While I'll be the first to say that $600mln is a stretch, a 7.5-8.5x EBITDA multiple is entirely reasonable.  This equates to A$450mil to A$510mil.

The key point being, KKR or a PE firm could swoop in again and conduct their financial engineering should the multiple be too low.