VODAFONE AUSTRALIA, TPG IN $11 BN MERGER

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.