TPG-Vodafone $15B Merger Gets Shareholder Approval
TPG Telecom has reportedly received unanimous shareholder approval for its landmark 15 billion merger with Vodafone Hutchinson Australia, continuing a tumultuous two-year journey.
Reported by AFR, the deal is slated to close July 13, wherein both companies will merge into one ASX-listed entity under the ticker TPG.
The news comes after the ACCC opposed the proposed merger on competitive grounds, with the ruling later overturned in Federal Court.
Vodafone chief executive, Inaki Berroeta, is set to sit at the helm of the merged entity whilst TPG founder and executive chairman, David Tech, takes a seat as non-executive chairman.
The merger is said to form an integrated telecom body, combining infrastructure investments between both companies.
The scheme will reportedly go to the Supreme Court of New South Wales on Friday for final approval, and clearance for completion.
Shares in TPG Telecom are currently trading at $9.03.