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UPDATE 1-Australia's OptiComm approves Uniti's $505 mln takeover bid

(Adds background on the deal, share price)

Nov 6 (Reuters) - Australia’s OptiComm Ltd said on Friday it had agreed to be acquired by Uniti Group Ltd in a deal valued at A$694.2 million ($505.03 million), bringing an end to a two-month takeover battle for the fibre infrastructure provider.

Telecom services firm Uniti, which kicked off the battle in June, hiked its bid for Opticomm last month to a cash plus stock offer of A$6.67 per share just three days after pension fund Aware Super had made an improved A$6.5 offer.

Local media reported Aware, formerly called First State Super, had pulled out of the race last week after both its bids were trumped by Uniti.

Shares of Uniti jumped as much as 12.3% to A$1.460, its highest level since Oct. 9, while OptiComm shares, which have climbed nearly a quarter from Uniti’s first offer, were up 2%.

OptiComm also declared a special dividend of A$0.10 per share on condition of the scheme becoming effective. ($1 = 1.3746 Australian dollars) (Reporting by Shriya Ramakrishnan and A K Pranav in Bengaluru; Editing by Muralikumar Anantharaman)

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