TPG Telecom completes $5.3b asset sale to Vocus Group
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The news: TPG Telecom has completed the sale of its fibre network infrastructure assets and enterprise, government and wholesale (EGW) fixed business to Vocus Group for an enterprise value of $5.25 billion.
The numbers: TPG expects the deal, first announced in October last year, to deliver net cash proceeds of around $4.7 billion.
TPG shares were down 2.8% to $5.49 at 2:35pm AEST, having added 22% since the turn of the year.
The context: TPG, Australia's third-biggest telecoms company, first put the divested assets up for sale in 2022 and saw an initial $6.3 billion deal with Vocus collapse a year later.
The telco will retain its mobile radio network infrastructure, consumer and EGW mobile business, and its consumer and small office/home office commercial fixed business.
The source: ASX
