Australian TPG/VHA merger finally completed after two years
Australian TPG/VHA merger finally completed next week after two years
26 June 2020 | Alan Burkitt-Gray
The final stage in the merger of two Australian rivals to Telstra and Singtel’s Optus takes place on Tuesday when shares in the combined business go on sale.
Shares in the merged company formed from Vodafone Hutchison Australia (VHA) and TPG Telecom will be traded on the Australian Stock Exchange (ASX) will be listed from 30 June.
TPG Telecom shareholders gave their final approval to the deal this week, after two years of legal wrangling with the regulator. Iñaki Berroeta (pictured), CEO of VHA, will be CEO of the merged company.
TPG Telecom owns AAPT, iinet and Pipe Networks. VHA’s main shareholders are UK-based Vodafone Group and Hong Kong’s CK Hutchison, which once operated a network in Australia under the Three brand.
The combination will also have its own subsea interests including PPC-1 and SEA-US, plus capacity on the Southern Cross cable.
However the merged company will be shorn of TPG’s existing operations in Singapore, which will be hived off into a separate entity, Tuas, also to be listed on the ASX.
The merged company will retain the name TPG Telecom, but it is not yet clear what public brands it will use.
TPG founder and executive chairman David Teoh told this week’s shareholders’ meeting: “The merger brings together two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products for consumers, SMEs and enterprises.”