SYDNEY: TPG Telecom Limited announced Thursday that the Australian Competition and Consumer Commission (ACCC) has granted approval for its $5.25 billion sale of fiber network infrastructure assets and Enterprise, Government, and Wholesale (EGW) fixed operations to Vocus Group Limited.
The clearance marks a significant step in completing the transaction, TPG Telecom CEO Iñaki Berroeta said.
“We are pleased to have passed this important regulatory milestone and are now focused on completing the transaction later this year,” Berroeta said. “This transaction forms an important part of our strategy to simplify our business and streamline our operations.”
TPG Telecom noted that additional regulatory approvals, including from the Foreign Investment Review Board and U.S. authorities, are still required before the deal can be finalized.