TPG shares dive after Vocus deal collapses
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More news: TPG's share price has nosedived by 8.3% to $5 after the telco reported its deal to sell its enterprise, government and wholesale assets to Vocus had fallen over.
What they said: "Noting ongoing strong interest from potential strategic and financial investors in the Company’s fixed infrastructure assets, TPG will continue to assess value-optimising alternatives and continues to work with Bank of America on our strategic review," TPG said in a statement.
TPG and Vocus end talks over $6.3b deal
The news: TPG Telecom says it has ended discussions with Vocus for the sale of its fixed network.
The numbers: Vocus had offered $6.3 billion for TPG’s enterprise, government and wholesale assets along with the associated fixed infrastructure. TPG earlier said this consideration was subject to change.
The context: TPG, Australia’s third-biggest telecoms firm, said on Monday the proposed transaction involved considerable complexity and the two parties were ultimately not able to reach agreement on the operating model and commercial terms of the deal. TPG said it has noted strong ongoing interest from potential strategic and financial investors in the company’s fixed infrastructure assets and will continue assessing alternative transactions. The company has been looking to simplify its brand and product portfolio, and had put these assets on the block in October 2022.
The source: ASX announcement
