IT Brief Australia - Vocus sells off Macquarie Telecom stake for $41 million

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Vocus sells off Macquarie Telecom stake for $41 million

Vocus has sold its Macquarie Telecom shares – equating to 16% of the company – for $41 million.

The company sold all 3,358,511 of its Macqurie shares in a block trade at $12.20 per share to a ‘broad range of new institutional and retail shareholders’.

Macquarie Telecom says it welcomes the release which will increase the trading liquidity in the shares and improve the diversity of the shareholder base.

David Tudehope, Macquarie Telecom chief executive, says the company is seeing continued growth in its hybrid IT and telecom business and strong growth in hosting revenue.

“We are experiencing continued improvement in data centre asset utilisation and with strong operational leverage this is driving ongoing growth in profitability,” Tudehope says.

Vocus acquired the shares back in 2015.

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