TPG Telecom agrees to sell assets to Vocus

TPG chief executive officer Inaki Berroeta

SYDNEY: TPG Telecom Ltd has agreed to sell its fiber assets and the company’s fixed business serving enterprise, government and wholesale customers to Vocus Group Ltd in a deal valued at A$5.25bil (US$3.5bil).

Vocus will provide fixed network services back to TPG as part of the agreement, TPG said in a statement yesterday.

The transaction, due to complete in the second half of 2025, marks the end of TPG’s review of its fiber network infrastructure.

The company expects the sale to deliver net cash proceeds of between A$4.65bil and A$4.75bil.

The agreement “creates a more focused and streamlined business with significant optionality for the optimisation of our capital structure,” TPG chief executive officer Inaki Berroeta said.

Vocus, which is backed by Macquarie Asset Management and Aware Super, said after the deal it will operate a network of more than 50,000 km of owned or leased fiber. — Bloomberg