Australian operator TPG Telecom granted Vocus Group an exclusive period to conduct due diligence after the latter made a non-binding AUD6.3 billion ($4.2 billion) offer for various fixed assets including its wholesale residential access network.
In a statement published by the Australian Securities Exchange, the operator explained the offer was highly conditional with discussions between both incomplete and terms of any transaction subject to ongoing negotiation.
The deal potentially on the table comprises various parts of TPG Telecom’s Enterprise, Government and Wholesale divisions alongside associated infrastructure including residential fixed access business Vision Network.
TPG Telecom noted it had commenced a strategic review of Vision Network in October 2022 and subsequently received a number of non-binding expressions of interest in the fixed network infrastructure, including from Vocus.
It added, however, its board had “not made any decision to accept any offer, and there is no certainty an agreed transaction will eventuate”, stating any deal would also be subject to various conditions including regulatory approvals.
Vocus is an Australia-based fibre company focused on the enterprise and government segments. Its exclusive period for conducting due diligence for the deal expires on 6 September.