Vocus Group’s $6.3 billion offer to buy certain TPG assets has fallen through.
The Australian Securities Exchange-listed telecommunications provider told shareholders it had ceased discussions regarding Vocus’ non-binding offer to acquire TPG’s enterprise, government and wholesale assets, including Vision Network.
According to TPG, the deal involved considerable complexity with both parties unable to find “alignment” on the operating model and commercial terms.
TPG said it lacked sufficient confidence that a “successful transaction can be agreed and executed”.
In August, TPG told shareholders that Vocus had made the $6.3 billion offer following the former’s strategic review of its wholesale residential fixed access business Vision Network.
At the time, TPG said Vocus’s offer was subject to many conditions, including exclusive due diligence, and was set to expire on 6 September.
ARN has contacted Vocus for comment.