Friday, 08 May 2020 08:37

TPG-Vodafone merger gets foreign investment board green light Featured

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Iñaki Berroeta: "Using our increased strength and scale, our priorities will be accelerating our 5G plans, delivering the benefits to consumers and investors, and challenging the status quo.” Iñaki Berroeta: "Using our increased strength and scale, our priorities will be accelerating our 5G plans, delivering the benefits to consumers and investors, and challenging the status quo.” Supplied

The Australian Foreign Investment Review Board has give Vodafone Hutchison Australia the final regulatory approval needed for its merger with TPG Telecom.

VHA chief executive Iñaki Berroeta said in a statement on Wednesday that the approval meant the merger process was now well underway.

The merger, announced in August 2018, was given the go-ahead by the Federal Court in February, after the two companies challenged a decision by the competition regulator to block the deal because of it causing was said to be less competition in the sector.

The scrip deal would create a company with an enterprise value of about $15 billion, according to the initial announcement made to the ASX. It said 50.1% of the merged entity would be owned by Vodafone with the remainder to be owned by TPG.

In March, the two companies said they had received the necessary permissions from the Committee on Foreign Investment in the US and the US Federal Communications Commission.

“The merger is now another significant step closer to reality, and we’re progressing our plans to bring the two companies together mid-year,” Berroeta said.

“The Scheme Booklet will be released in coming weeks and submitted to TPG shareholders for approval, Australia will soon have a third fully-integrated telecommunications company for the first time.

“Using our increased strength and scale, our priorities will be accelerating our 5G plans, delivering the benefits to consumers and investors, and challenging the status quo.”

The statement said the merger would be implemented through a Scheme of Arrangement and the Scheme Booklet, to be released in the weeks ahead, would outline information TPG shareholders required to evaluate the Scheme.

The VHA statement said a Scheme Meeting would later be held for TPG shareholders to vote on the Scheme and allow it to proceed to the court for final approval.

"VHA is working to finalise all other processes required for its listing on the Australian Securities Exchange and expects the merger to be completed in mid-2020 and with an effective date in the first half of the year," the statement added.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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