The Trustee for Aware Super made an offer to acquire OptiComm Ltd from a group of sellers for approximately AUD 670 million on September 7, 2020. Under the terms, the shares will be acquired at a price of AUD 5.75 per share. As of October 12, 2020, the offer price has been increased to 6.4 per share.

OptiComm will apply for delisting once 75% of the shares have been acquired by The Trustee for Aware Super. A termination fee of $2 million will be paid by Aware Super in respect of the transaction. The transaction is subject to due diligence, approval by target Board and shareholders and minimum tender.

The transaction is expected to close on November 23, 2020. Tim Sayer of Talbot Sayer Lawyers acted as legal advisor to Opticomm in the transaction. Chris Blane and Jeremy Low of Allens acted as legal advisor to The Trustee for Aware Super in the transaction.

Michael Siede and Aaron Simcock of ICA Partners acted as financial advisor to The Trustee for Aware Super in the transaction.