TPG Telecom, Vodafone Hutchison Australia in $11 bn merger

It can be yours. Well a bit of

Berroeta will be chief executive of the merged business, while Teoh will be chairman.

The companies also said David Teoh, current chief executive officer and chairman of TPG, will be chairman of the merged group with Iñaki Berroeta, current CEO of Vodafone Australia, as managing director and CEO of the new entity.

"[With this merger] we will be a more formidable competitor against Telstra and Optus", TPG founder David Teo said in a statement. Telstra rose 2.9% as investors viewed the deal as more favourable to Australia's former phone monopoly than TPG's plan to build its own network, which might kick off a price war.

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But there was a lot of things that came together, it's in the past now and I look forward to the future". Mane added: "Yes, I met him [Klopp], I spoke with him about it".

The combined company will be 49.9% owned by TPG shareholders, with shareholders of Vodafone Australia's holding company Vodafone Hutchison Australia will own 50.1%.

It is expected the merger will complete in 2019, subject to regulatory and shareholder approval.

Vodafone is betting on an $8 billion merger to better compete with Australia's telecom giants as the country prepares to shift to faster mobile networks.

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"There are no changes now planned to any of the existing brands of either TPG or VHA".

Shares in TPG Telecom surged another 18% plus yesterday after the company revealed details of its planned merger with Vodafone Australia via a scheme of arrangement. This combination of leading mobile operator VHA and TPG's fixed line services will strengthen scale and financial muscle to the merged group, thus putting forward tough competition against Telstra and Optus. Vodafone will provide a guarantee on approximately A$2.4bn of this debt, lower than the approximately A$3.3 billion guarantee that Vodafone now provides for VHA's debt. The merged group will have around 196MHz of 5G spectrum in the Melbourne and Sydney areas, with the merged group announcing they will jointly bid in the upcoming 5G spectrum auction which will see the Australian Government auctioning off 125MHz of 3.6GHz band spectrum in November. Depending on how it capitalises the Singapore entity, its cash flows between now and then, and the final transaction costs, anything less than that will be distributed to TPG shareholders via a special dividend.

"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", he said.

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