'Vocus clears final regulatory hurdle for $5.3b acquisition of TPG assets' - Capital Brief

Source - https://www.capitalbrief.com/briefing/vocus-clears-final-regulatory-hurdle-for-53b-acquisition-of-tpg-assets-85499aa9-14b6-47c1-b045-a0c0dad05e01/

Vocus’ proposed $5.25 billion acquisition of TPG Telecom’s Enterprise, Government and Wholesale (EGW) fixed operations has been given the go-ahead by the Foreign Investment Review Board (FIRB), clearing the final regulatory hurdle.

The numbers: Under the deal, TPG’s EGW fixed business and fibre network assets have an enterprise value of $5.25 million.

This includes a potential $250 million contingent value payment subject to meeting subscriber targets for the Vision Network wholesale residential fixed access business and a $40 million contribution to TPG separation costs.

Net cash processed for TPG will be between $4.65 million and $4.75 million when accounting for the contingent value payment, TPG’s $100 million buyer transaction costs and estimated seller transaction costs. It is not inclusive of TPG's separation costs.

The context: Vocus received written confirmation of FIRB's clearance today, which is the final regulatory requirement for the transaction, according to a statement to the exchange.

The deal is still subject to other conditions including an internal restructure.

Vocus signed a binding agreement to acquire TPG’s EGW fixed business and fibre network assets in October 2024 after a $6.3 billion deal proposed in 2023 collapsed.

The deal required FIRB clearance because Vocus is partly owned by Macquarie Infrastructure & Real Assets which manages some assets on behalf of foreign investors.

Australian Competition and Consumer Commission approval was granted in March 2025.

TPG will retain its mobile radio network infrastructure, consumer and EGW mobile business, and its consumer and small office/home office commercial fixed business.