Close to two-thirds of TPG Telecom stock may be changing hands in the next few months.
Escrows on close to 64 per cent of stock, held by the company’s three largest shareholder, Vodafone, TPG founder David Teoh, and Hutchinson, will expire on July 13.
Under the deals of the TPG and Vodafone merger, the three major shareholders were blocked from selling for two years. The stock amounts to close to $7 billion.
Vodafone and Hutch own about 25 per cent each, while Teoh holds 14 per cent. Under the deal, Teoh could sell a maximum of 20 per cent of his shares, and did in December – a holding of 3 per cent, worth $335 million.
Given that Teoh exited the company last year, and has already sold as much stock as he can, it is expected that, come July, he will be looking for a buyer.
