By Stuart Condie

SYDNEY--Uniti Group Ltd. said HRL Morrison & Co. raised its takeover proposal for the Australian telecommunications services provider after partnering with Brookfield Asset Management.

Uniti on Tuesday said that the Canadian investment manager had joined the New Zealand-based asset manager to form a 50-50 consortium for a proposal worth A$5.00 per share. HRL Morrison acted alone when it proposed A$4.50 per share earlier this month.

The revised indicative proposal values Uniti's equity at 3.40 billion Australian dollars (US$2.55 billion). It apparently matches one lodged last week by a consortium comprising Macquarie Group Ltd.'s asset manager and Canada's Public Sector Pension Investment Board.

Uniti shares last traded at A$4.72.


Write to Stuart Condie at stuart.condie@wsj.com


(END) Dow Jones Newswires

03-28-22 1829ET