Australian team advises TPG Telecom on major AU$16.63 billion telco ASX listing

Global law firm Norton Rose Fulbright has acted for TPG Telecom Limited (Ticker: TPG) in relation to its IPO and admission to the official list of the ASX on June 30.

First announced in August 2018, TPG Telecom (previously known as Vodafone Hutchison Australia Limited) entered into a scheme implementation deed with TPG Corporation Limited (previously known as TPG Telecom Limited) (Ticker: TPM) under which TPG Telecom will acquire all of TPM’s shares through a merger of equals. All conditions to the merger have been satisfied and it is expected to be finally implemented on 13 July 2020. 

TPG Telecom commenced trading yesterday on a deferred settlement basis, with an impressive market capitalisation at the close of trading of approximately AU$16.63 billion, making it one of the largest listings in ASX’s history. 

The combination of TPG Telecom and TPM will create a new fully integrated telecommunications operator in Australia that will be a more powerful challenger to the major incumbents, with an integrated fixed and mobile offering. VHA chief executive officer Iñaki Berroeta, who will serve as CEO of the new TPG Telecom, said the ASX listing was a significant milestone.   

“The new TPG Telecom will be a more powerful competitor in the market and will be well-positioned to deliver on its stronger returns to shareholders than either business could achieve on a standalone basis,” Mr Berroeta said. 

“It’s an exciting day for our customers, investors and employees, and we look forward to bringing the two companies together over the coming months.”  

The Norton Rose Fulbright team – led by corporate/M&A senior partner John Elliott and partner Jeremy Wickens, and principally assisted by associates Dean Zinn and Julia Sonza – acted for TPG Telecom Limited on the merger and its ASX listing. The team advised all aspects of the deal, including structuring, negotiating and implementing the merger, obtaining foreign investment approval and all legal issues relating to the ASX listing.

Norton Rose Fulbright partners John Elliott and Jeremy Wickens commented:

"The scale and impact of this listing is hugely significant for our client TPG Telecom and the ASX and its markets generally. We are all going through unprecedented times and we couldn’t be happier that TPG Telecom has successfully navigated the challenges of remote working to become the ASX’s largest listing for 2020 and one of the largest listings in ASX history. The newly listed TPG Telecom enters the Australian market well-placed to take advantage of investments in new technology and better telecommunications services for customers.”