Macquarie unit MEIF 6 Fibre Ltd will buy KCOM Group Plc in a deal that values the Hull-based telecom and cloud company at £627 million.

The deal brings to an end bidding war for KCOM with the Humber Bidco unit of British pension fund Universities Superannuation Scheme Ltd (USSL).

The UK Takeover Panel said last week it would auction KCOM after the two bidders failed to make a final offer for the company. 

Macquarie offered 120.3p per KCOM share in cash in the final day of the five-day auction, while USSL bid 113p or £589 million.

KCOM said it found Macquarie’s offer to be fair and reasonable, and recommended shareholders to vote in favor of it.