VODA­FONE AUS­TRALIA, TPG IN $11 BN MERGER

Business Today - - THE BUZZ -

Un­der an $11 bil­lion merger, Voda­fone Hutchi­son Aus­tralia and TPG Tele­com will cre­ate a mo­bile, fixed-line and broad­band provider that can chal­lenge mar­ket leader Tel­stra. Voda­fone Aus­tralia, owned by Hong Kong­based CK Hutchi­son and Voda­fone Group, will have a ma­jor­ity 50.1 per cent stake in the new en­tity. A net debt of $3.5 bil­lion is also be­ing ring-fenced from the deal and will be guar­an­teed by the two off­shore gi­ants.

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