TPG Telecom shareholders approved a long-planned merger with Vodafone Hutchison Australia (VHA) at an extraordinary general meeting, with the tie-up expected to be finalised on 13 July.
VHA CEO Inaki Berroeta said the vote is one of the last steps towards implementation: “Today is a significant milestone in the merger process and subject to final court approval, we will be bringing VHA and TPG together in two-and-a-half weeks.”
Berroeta said the AUD15 billion ($10.4 billion) merger will create a full-service telecoms provider which will “be well-positioned to drive stronger competition in the market and deliver benefits to customers and shareholders”.
Final court approval is expected on 26 June and VHA is scheduled to change its name to TPG Telecom on 29 June. TPG Telecom shares will stop being traded on the Australian stock exchange the same day, before recommencing the following day under the new code of TPG.
In mid-February, the Federal Court of Australia approved the proposed tie-up, rejecting concerns of the Australian Competition and Consumer Commissionm which opposed the proposed merger on the grounds it would likely substantially reduce competition.Subscribe to our daily newsletter Back