Ontario Teachers' and CIMIC to sell Nextgen's network businesses

Australia's Nextgen Group has agreed to sell its network assets to Vocus Communications Ltd. No financial terms were released; Reuters reported, however, the deal was valued at as much as US$640 million. The acquired assets will include Nextgen's North West Cable system and the planned Australia Singapore Cable. Melbourne-based Nextgen is owned by the Ontario Teachers' Pension Plan (71 percent) and CIMIC Group Ltd (29 percent). Ontario Teachers', which acquired the company in June 2013, will retain ownership of the group in partnership with CIMIC following the sale.

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