On June 22, shareholders in telecommunications company Vocus (ASX: VOC) approved the scheme of arrangement with Voyage, a vehicle owned 50/50 by Macquarie Infrastructure and Real Assets Holdings.

It is a transaction we have thoroughly analysed since it was first announced on February 8, 2021, and most recently in a report titled "Corporate Action: Vote For Vocus' Scheme of Arrangement with MIRA/Aware Super Consortium" ($), published on 2 June 2021.

The scheme was subsequently approved by the Supreme Court of New South Wales on 24 June.

The $5.50 cash consideration for Vocus shareholders had already been factored into our $5.50 fair value estimate for the narrow moat rated group.

The curtain now falls on Vocus as an Australian Stock Exchange-listed public company, with its shares to be suspended from the close of trading on Friday, 25 June. As such, we will cease coverage of Vocus.