EQT cancels its $2.3 billion bid for Vocus

One of the largest private equity firms in Sweden, EQT infrastructure, has just canceled its bid to acquire Vocus Group Ltd.

EQT had made a $2.3 billion bid to acquire the telecoms company Vocus. However, series of profit warnings from the company has left a bad taste in the mouth of it suitors.

The cancellation of EQT’s offer will make it the fourth company to do so.

In a statement issued on the matter, EQT said:

“Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal,” Vocus said in a statement. A spokeswoman for EQT declined to comment on the development.

Australia’s AGL Energy Ltd also shelved its on concerns of due diligence issues at the telecoms company.

According to a Reuters report, U.S. buyout firm KKR & Co Inc and Asian peer Affinity Equity Partners had pursued and then abandoned their own plays for Vocus in 2017 after a string of profit warnings from the telco.

Vocus is Australia’s fourth largest Internet provider that has been struggling to continue as a going concern.

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