Universities Superannuation Scheme Limited has announced a firm offer to acquire 100% of KCOM Group Public Limited Company

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Universities Superannuation Scheme Limited (acting through its investment manager, USS Investment Management Limited), has today announced a firm offer to acquire 100% of KCOM Group Public Limited Company (KCOM)

KCOM is a leading provider of IT and communications solutions and one of the UK’s longest-established communications companies, based in Hull. KCOM is listed on the Official List and trades on the London Stock Exchange's main market for listed securities.

Further details of the transaction can be found here. Official associated documents can be found here.

As we are now in an acquisition process overseen by the Takeover Panel we are unable to provide any further information beyond what is contained within the announcement but please contact MediaTeam@uss.co.uk if you have any questions.

The transaction rationale is captured in the quote from Mike Powell, contained in the statement: "We believe that KCOM is a high-quality business that is well-placed to grow and thrive under private ownership and that is why we have made this compelling offer to shareholders at an attractive premium. With the right capital support and assistance, we believe that KCOM's management will be able to enhance the quality of its offering, delivering benefits for customers as well as sustainable, long-term returns. USSL's track record as a long-term and supportive shareholder with extensive experience in regulated sectors makes us an ideal partner for KCOM."

Article date: 24 April 2019