TPG-VHA merger process enters ‘final stages’

30 Jun 2020

Vodafone Hutchison Australia (VHA) was officially renamed TPG Telecom Limited (TPG Telecom) yesterday (29 June), ahead of its proposed merger with TPG Corporation (TPM) – which was formerly known as TPG Telecom. In a press release confirming the development, the former VHA noted that TPM had lodged the court orders approving the scheme of arrangement in relation to the proposed merger with the Australian Securities and Investments Commission, with this scheme now effective. Following this, TPM was renamed as TPG Corporation Limited and VHA was renamed TPG Telecom Limited, with shares in the former having been suspended from trading on the Australian Securities Exchange (ASX) at the end of trade yesterday. The new TPG Telecom is being admitted to official list of the ASX today under the code ‘TPG’, with trading to initially commence on a deferred settlement basis.

TPG Telecom CEO Inaki Berroeta noted that the scheme becoming legally effective was an important final regulatory step in bringing the two businesses together next month, saying: ‘It’s exciting to be in the final stages of the process and getting ready to enter a new era in two weeks’ time … When we merge on 13 July, we will become a stronger force in the telecommunications industry as a leading integrated mobile and fixed provider.’ The new TPG Telecom will comprise a raft of brands, including Vodafone Australia, TPG, iiNet, Lebara, AAPT and Internode.