OTPP-owned Nextgen sells network assets in Australia
Nextgen Group, the Australian telecommunication network owned by Ontario Teachers' Pension Plan (OTPP) and CIMIC Group, has agreed to sell some of its assets to Vocus Communications.
Vocus will buy Nextgen Networks and the North West Cable System - accounting for 17,000 kilometers of fiber optic cable - along with two underwater data cables: one connecting Darwin to Port Hedland, and the other connecting Perth to Singapore. Nextgen will retain Metronode, its data center business.
The total value of the deal will be about A$861 million ($640 million), according to a release; A$27 million of the total will be paid once construction on the Singapore cable begins. The sale requires approval from the Australian Competition and Consumer Commission. CIMIC said the sale will allow it to focus on its core businesses of infrastructure construction, mining and mineral processing.
OTPP has owned Nextgen Group since 2013, when it bought a 70% stake in Nextgen Networks, Metronode, and cloud services provider Infoplex from CIMIC (then called Leighton Holdings). The three companies were reorganized under the Nextgen name, with CIMIC retaining a 30% stake; Infoplex was later sold to UK-based cloud software provider Bulletproof Networks for A$3.6 million.
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