Vodafone Australia and TPG announce $15bn merger

It can be yours. Well a bit of

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.

Deutsche Bank and BofA Merrill Lynch advised Vodafone Hutchison Australia.

"The merger will create a more effective challenger to (leading Australian telecoms) Telstra and Optus", TPG said, estimating that the resulting entity will be worth 11 billion us dollars when the deal is finalized next year.

Vodafone Hutchison Australia is the country's third largest mobile operator which is jointly owned by Vodafone Group and Hutchinson Telecommunications Australia.

The merger will have to work through regulatory approvals from both the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB) before it is completed, which is not expected until next year.

TPG has a first-rate fixed-line broadband network with 1.9 million subscribers and market share of about 22 per cent.

So at this point, it remains to be seen if they keep the Vodafone and TPG mobile brands completely separate and if TPG will continue to offer the hugely cheap mobile deals it was promising to bring to market later this year.

Meghan Markle and Prince Harry have added to their family
However, Bogart was deemed too old to make the journey to the United Kingdom from Canada when Meghan moved late past year . INSIDER contacted Kensington Palace to ask about the potential new addition, but a spokeswoman declined to comment.

TPG's Singapore operations are not impacted by the merger.

The companies also stated that "there are no changes now planned to any of the existing brands of either TPG or VHA". The combined group, to be listed on the local stock exchange and called TPG Telecom Ltd., will have annual revenue of more than A$6 billion. Vodafone will provide a guarantee on AUD 2.4 billion of this debt, lower than the AUD 3.3 billion guarantee that Vodafone now provides for VHA's debt.

TPG CEO David Teoh will become the Chairman of the merged group, while VHA CEO Iñaki Berroeta will become managing director and CEO.

TPG shareholders will now own 49.9% of the equity of the merged Group, with VHA shareholders owning the remaining 50.1%.

It will also be better able to invest in next-generation mobile and fixed networks and provide service and product upgrades for Australian customers.

"The blend of the two organizations will make an association with the fundamental scale, broadness and money related quality for the future", Vodafone Hutchison Australia's CEO Inaki Berroeta said in an announcement.

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