Vodafone Hutchison Australia (VHA) and TPG Telecoms’ $15 billion merger has officially gained the green light to go ahead following its final regularity clearance.
The two parties have received approval from the Foreign Investment Review Board (FIRB), with VHA’s leader saying the merger process was now 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,” CEO Iñaki 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.”
VHA is working to finalise its process of listing on the Australian Securities Exchange, which will see TPG’s de-listing, with the final merger expected to be completed in mid-2020.
The announcement comes two months after the Federal Court voted in favour of the merger, overruling opposition from the Australian Competition and Consumer Commission (ACCC).
VHA now plans to continue its plan to roll out 5G at 650 sites across Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and the Gold Coast.