Original KCOM bidder makes new higher valuation

Ownership auction for telecoms provider will conclude on July 12

The British pension fund Universities Superannuation Scheme Ltd (USS) has made a new bid of 108.5p per share in the auction for KCOM.

The bid places USS’ valuation of KCOM at £566 million, an increase on the £563 million bid that London-based investment fund Macquarie Infrastructure and Real Assets (MIRA) made back in June. USS’ original bid had been £504 million.

However, KCOM is now holding an auction after MIRA failed to make a final offer. The auction will conclude on July 12.

KCOM provides phone and internet services to 140,000 consumers and businesses across Hull, making the city the only part of the UK where BT does not have the largest presence.