Vodafone Australia and TPG Telecom have announced a merger of equals in an effort to become a stronger challenger to rival telco companies.
Vodafone Australia and TPG Telecom plan to merge into a single $15 billion telecommunications firm in an attempt to more effectively challenge mobile giants Telstra and Optus.
The companies have confirmed to the ASX they plan an all-scrip merger of equals, with the deal expected to complete next year subject to approval from regulators including the Foreign Investment Review Board and competition watchdog.
TPG shareholders would own 49.9 per cent of the newly merged group – called TPG Telecom Limited – with Vodafone Australia shareholders owning 50.1 per cent.
