Macquarie Buys KCOM

Macquarie buys KCOM.
   
Macquarie Group unit MEIF 6 Fibre buys KCOM Group for $1.1 billion.
   
Created in 1899 as the telephone department of Hull Municipal Corporation, KCOM now offers managed network and cloud-based services across the United Kingdom.
   
Britain's Takeover Panel, which regulates merger and acquisition activity, put the company up for auction. In a rare intervention, the takeover regulator said the competitive nature of earlier bids called for an auction process.
   
KCOM issued a profit warning last year after management changes, including the departure of its chief executive and finance chief.
   
Former British Telecom executive Graham Sutherland was appointed CEO in October 2018 and announced a review of KCOM's business strategy a month later.

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