Three superannuation funds recently undertook due diligence on TPG in the lead up to yesterday’s release of $7 billion in shares from escrow.
AustralianSuper, UniSuper, and Aware Super are all circling the company, according to the AFR. Aware Super is an existing shareholder in TPG Telecom.
63.8 per cent of TPG’s stock came out of escrow yesterday, including former CEO David Teoh’s 13.7 slice.
Teoh left TPG last March, after thirty years, and sold his maximum-allowed 3 per cent in December, offloading 53.1 million shares for $335 million.
Vodafone Hutchinson have a 27.82 per cent holding, while Hutchison 3G Australia, and Vodafone Oceania each hold a 11.14 per cent stake.
Following the 2020 Vodafone Hutchison/TPG merger, each of the above parties were restricted from selling off more than 20 per cent of their holdings within two years.