Monthly Australian TMT Wrap: May 2019

May 2019 TMT activity highlights major telco M&A deals, regulatory opposition, and significant media sector earnings.

Nigel Pugh · Venture Insights1 June 2019Period: May 20198 min read

Last updated 10 June 2026

$166.2m→

Hansen Technologies acquisition price for Sigma Systems

29.7%↑

Premium offered by QIC for Superloop shares

Locked

+2more stats

Companies covered:Vodafone Hutchison AustraliaTPG TelecomVocus GroupSuperloopHansen TechnologiesIRESSNews CorporationSeven West MediaAfterpayTelstra

Abstract

This report provides a comprehensive overview of the Australian Telecom, Media, and Technology (TMT) sectors for May 2019. It highlights a busy month for M&A activity, including the ACCC's opposition to the VHA-TPG merger and multiple indicative proposals for Vocus and Superloop. The report also details significant acquisitions such as Hansen Technologies' $166.2m purchase of Sigma Systems and IRESS's acquisition of QuantHouse, alongside key financial results and executive appointments across the media and technology landscapes.

Key Takeaways

ACCC blocked the VHA-TPG merger, prompting both companies to file legal action in the Federal Court.
Hansen Technologies expanded its telco footprint with the $166.2m acquisition of Sigma Systems at 8.3x EBITDA.
Vocus Group and Superloop both rejected or saw the withdrawal of multi-million dollar indicative takeover bids.

stakeholder implications · PDF download

Frequently Asked Questions

The ACCC has signaled a high barrier for market consolidation by formally opposing the merger between Vodafone Hutchison Australia and TPG Telecom. This decision forces major players to pivot toward organic growth or smaller, niche acquisitions rather than large-scale horizontal integration.

Private capital interest in infrastructure remains aggressive, evidenced by QIC Private Capital’s unsolicited $1.95 per share bid for Superloop, which represented a 29.7% premium. Similarly, Vocus attracted a confidential $5.25 per share cash proposal from EQT Infrastructure, highlighting a trend of private equity targeting undervalued fiber and network assets.

Recent transactions show a range of valuation benchmarks depending on the sub-sector. Hansen Technologies paid $166.2 million for Sigma Systems at an 8.3x CY18 normalized EBITDA multiple, while IRESS acquired QuantHouse for up to €38.9 million, a price point representing less than 2x reported FY18 revenue.

Monthly Australian TMT Wrap: May 2019

Abstract

Key Takeaways

Frequently Asked Questions

Unlock the full report

Free

Lite

Team