Creating Australia’s leading challenger full-service telecommunications provider

Combining the network infrastructure and product portfolio of TPG Telecom and Vodafone Hutchison Australia to deliver a more competitive value proposition to Australian consumers.

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Sector Technology
Sub-sector Telecommunications
Location Australia


The merger of equals of TPG Telecom and Vodafone Hutchison Australia brings together two highly complementary businesses to create Australia’s leading challenger telecommunications provider with a comprehensive portfolio of fixed-line and mobile products for consumers, SMEs, and enterprises.

The combined group has a portfolio of telecommunications infrastructure, including a national 3G, 4G and 5G mobile network and spectrum, thousands of kilometres of domestic and international fibre.

The combined financial scale will enable the merged entity to deliver more competitive value propositions to Australian consumers.

Immediately prior to the implementation of the merger, TPG Telecom demerged and listed Tuas Limited (Tuas) by way of an in-specie dividend distribution to existing TPG Telecom shareholders. Tuas owns and operates a national 4G mobile network in Singapore following its successful acquisition of spectrum in December 2016.

This transaction was the culmination of a series of transactions and capital raisings that Macquarie had worked on with TPG Telecom over a period of 10 years and which gave Macquarie unprecedented insight into the TPG Telecom business model and how we could identify and add value.


Macquarie Capital leveraged its depth of public market M&A expertise and knowledge of TPG’s business to advise TPG on a number of complex execution and structuring considerations over a two year period, including assisting TPG with a successful Federal Court appeal of a decision by the ACCC to disallow the merger.

Transaction extends Macquarie’s deep sector expertise in the Australian Telecommunications industry, including multiple past transactions with TPG Telecom.


On 29 June 2020, the merged entity was admitted onto the ASX under the ticker ‘TPG’ and valued in excess of $A20 billion1. Tuas was also admitted onto the ASX under the ticker ‘TUA’.

Better value for consumers

The merger establishes a stronger full-service telecommunications provider

Significant financial scale

Valued in excess of $A20 billion enterprise value1

Strong Shareholder support

99% of TPG shareholders approved the merger by way of Scheme of Arrangement

Tuas Limited

Successful demerger and listing of Tuas Limited, which operates TPG Singapore

1.  Enterprise value, using the last closing share price of TPG as at 7 July 2020.

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