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Newly merged TPG completes major $16.63bn ASX listing
Norton Rose Fulbright has advised TPG Telecom on its ASX listing.
Tony Zhang
Firms: Norton Rose Fulbright (TPG Telecom)
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Deal: 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.
Value: $16.63 billion.
Area: Corporate M&A.
Key players: 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.
Deal significance: The new-look TPG Telecom debuted on the stock exchange last week, with Vodafone chief executive Inaki Berroeta ringing the ceremonial bell.
The two companies will become one ASX-listed telecom giant headed by Mr Berroeta, with TPG’s billionaire founder and executive chairman David Teoh taking the role of non-executive chairman.
It marks the end of a two-year-long saga that saw the competition regulator opposing the merger, only for the decision to be overturned in the Federal Court.
“The merger brings together two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products for consumers, SMEs and enterprises,” Mr Teoh said.
All conditions to the merger have been satisfied and it is expected to be finally implemented on 13 July 2020.
TPG Telecom commenced trading today on a deferred settlement basis, with a market capitalisation at the close of trading of approximately $A16.63 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.
“The scale and impact of this listing is hugely significant for our client TPG Telecom and the ASX and its markets generally,” Norton Rose Fulbright partners John Elliott and Jeremy Wickens commented.
“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.”
