Norton Rose Fulbright acted for Vodafone Hutchison Australia on one of the largest mergers and acquisitions in the Australian telecoms industry to date, that 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. The new merged entity will have a pro forma enterprise value of approximately A$15 billion (US$10.9 billion).
The Norton team – led by M&A senior partner John Elliott and telecoms partner Martyn Taylor – provided M&A, competition, commercial, regulatory, equity capital markets and joint venture advice, and drew on experience in the tech and telecoms 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.
“This deal is hugely significant for our client Vodafone Hutchison Australia,” said Elliott. “Once completed, the merger will create a substantial new telecoms company for the Australian market that will be well placed to take advantage of investments in new technology and better services for customers.”