Vocus Group has decided to hold onto its retail telco business, which includes iPrimus, Dodo, and Commander, until “at least 2024.”
Vocus had brought in investment bank UBS to entertain offers, after spinning off the retail arm earlier this year. Now, the company’s shareholders, Macquarie Asset Management and Aware Super, have had second thoughts amid strong performances by the retail telcos.
“Vocus Retail’s return to growth makes it an increasingly valuable strategic business, and with this in mind our shareholders have decided to maintain Retail as a part of Vocus until at least 2024,” CEO Kevin Russell said in an update to staff.
“Throughout 2023 we’ll be focusing on how we can invest in the refreshed strategy and continue to drive strong performance across all parts of the business, building on the growth trajectory we’ve seen this year.
“Once the separation is complete and Retail is established in its own right, we’ll be in a position to assess the market conditions for a potential sale – noting this won’t occur until 2024 at the earliest.”
