Global law firm Norton Rose Fulbright has acted for Vodafone Hutchison Australia on one of the largest ever mergers and acquisitions in the Australian telecommunications industry, being its announced transaction with TPG Telecom.
The combination of Vodafone Hutchison Australia and TPG 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.
The merger, which was announced on 30 August 2018, will form a business with the scale and financial strength to increase competition in the market, and provide greater scope to invest and drive innovation, and service and product improvement to benefit Australian telecoms customers. The new merged entity will have a pro forma enterprise value of approximately AU$15 billion.
The Norton Rose Fulbright team – led by M&A senior partner John Elliott and telecommunications partner Martyn Taylor – provided M&A, competition, commercial, regulatory, equity capital markets and joint venture advice and drew on a deep understanding of the technology and telecommunications sector. The team advised Vodafone Hutchison Australia on the scheme implementation deed, structuring of a joint venture, regulatory matters and all other legal issues underpinning the deal.
Norton Rose Fulbright partner John Elliott
"This deal is hugely significant for our client Vodafone Hutchison Australia and we couldn’t be happier with how things have progressed. Once completed, the merger will create a substantial new telecommunications company for the Australian market that will be well-placed to take advantage of investments in new technology and better services for customers.”
Norton Rose Fulbright partner Martyn Taylor
"The deal is a game changer for the telecommunications sector in Australia and for Vodafone Hutchison Australia. We will continue to work closely with the company on the next steps of the transaction, including the obtaining of regulatory clearances and a wide range of implementation issues.”
Corporate/M&A partners Jeremy Wickens and Raymond Lou led the respective negotiations on the scheme implementation deed and joint venture arrangements, while special counsel Andrew Willekes is assisting with the competition and regulatory aspects of the transaction.