Vodafone Hutchison Australia (VHA) is pleased to have received Foreign Investment Review Board (FIRB) approval to allow its merger with TPG Telecom Limited (TPG) to proceed.
VHA Chief Executive Officer Iñaki Berroeta said the FIRB approval meant the merger process was now well underway.
“The merger is now another significant step closer to reality, and we’re progressing our plans to bring the two companies together mid-year,” Mr Berroeta said.
“The Scheme Booklet will be released in coming weeks and submitted to TPG shareholders for approval, Australia will soon have a third fully-integrated telecommunications company for the first time.
“Using our increased strength and scale, our priorities will be accelerating our 5G plans, delivering the benefits to consumers and investors, and challenging the status quo.”
The merger of VHA and TPG will be implemented via a Scheme of Arrangement. The Scheme Booklet outlines the information TPG shareholders require to evaluate the Scheme and will be released in coming weeks. A Scheme Meeting will later be held for TPG shareholders to vote on the Scheme and allow the Scheme to proceed to the court for final approval.
VHA is working to finalise all other processes required for its listing on the Australian Securities Exchange and expects the merger to be completed in mid-2020 and with an effective date in the first half of the year.
VHA will continue to keep customers and the market informed of progress towards merger completion.
Background
Merger timeline
30 August 2018
VHA announces a merger of equals with TPG.
8 May 2019
The ACCC announces that it opposes the proposed merger.
24 May 2019
VHA, working with TPG, files a Statement of Claim in the Federal Court.
10 September 2019 – 1 October 2019
Federal Court case is heard in Melbourne.
13 February 2020
The Federal Court approves the merger.
5 March 2020
ACCC announces it will not appeal the Federal Court decision.
26 March 2020
Merger receives the required clearance from the Committee on Foreign Investment in the United States (CFIUS) and the required consent from the United States Federal Communications Commission (FCC).
7 May 2020
Treasurer issues a Foreign Investment Review Board no objection notice.
