TPG shares are going nuts after the Vodafone Hutchison merger
TPG shares are going nuts after the Vodafone Hutchison merger
It can be yours. Well a bit of
30 August, 2018, 13:56
It would also consists of more than 6 million mobile subscribers and 1.9 million fixed line broadband customers, however there are now no plans to change either of the existing brands.
TPG and Vodafone Hutchison Australia have announced that they will proceed with their merger to form a telecommunications giant that they say will have an enterprise value of approximately AU$15 billion.
TPG and Vodafone have announced that they are in talks to merge the two Australian telcos, with TPG calling it a "merger of equals".
The board of the merged entity will comprise Teoh, Berroeta, TPG directors Robert Millner and Shane Teoh, two nominees each from TPG and Vodafone, and two new independent directors.
VHA chief executive Inaki Berroeta, who is slated to run the merged business if the deal is cleared by regulators, said: "The combination of our two highly complementary businesses and talented employees will create a more sustainable company, with enhanced capacity to invest in new technology and innovation".
An IMDA spokesperson told Channel NewsAsia in an email on Thursday (Aug 30) it is aware of the merger announcement made this morning, and TPG's plans to separate its Singapore mobile business.
The merged company will take on a "multi-brand strategy", using the Vodafone brand as well as the three TPG businesses, he added.
It combines Australia's third- and fourth-largest telecom firms into a larger third player holding TPG's fiber network and Vodafone's mobile system, sending shares on both sides of the deal soaring. "Together we will become a more effective industry challenger that strives to create competitively-priced consumer products with the high levels of customer service that differentiates us in the market".
With a scheduled $352 million spectrum payment in January, TPG is expected to have net debt of about $1.673 million at the point of merger.
As part of the deal, TPG is to split off its Singaporean mobile business.
The merger is expected to complete next year, and is dependent on shareholder and regulatory approvals.
"We will also explore likely impacts in related markets, such as spectrum acquisition markets, wholesale services, and mobile roaming".
Bootnote: Readers outside Australia should take note that TPG Telecommunications is not related to the United States private equity company of the same name.
Separate to the merger agreement, TPG and Vodafone Australia also signed a joint venture agreement to acquire a 5G spectrum at an auction by the Federal Government later this year.
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