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.