Merger process enters final stages
Scheme of Arrangement now effective, VHA renamed TPG Telecom
Vodafone Hutchison Australia (VHA) has today been renamed TPG Telecom Limited (TPG Telecom) ahead of the proposed merger with TPG Corporation (TPM), formerly known as TPG Telecom.
Today, TPM lodged the court orders approving the scheme of arrangement (Scheme) in relation to the proposed merger with the Australian Securities and Investments Commission, and the Scheme is now effective.
Following this, TPM was renamed TPG Corporation Limited and VHA was renamed TPG Telecom Limited.
TPM shares [ASX: TPM] will be suspended from trading on the ASX at the end of trade today.
The new TPG Telecom will be admitted to official list of the ASX tomorrow under the code ‘TPG’, with trading to initially commence on a deferred settlement basis.
Chief Executive Officer Iñaki Berroeta said that the Scheme becoming legally effective was an important final regulatory step in bringing the two businesses together next month.
“It’s exciting to be in the final stages of the process and getting ready to enter a new era in two weeks’ time,” Mr Berroeta said.
“When we merge on 13 July, we will become a stronger force in the telecommunications industry as a leading integrated mobile and fixed provider.
“Customers won’t notice a difference in their day-to-day experience, and we look forward to delivering the competitive benefits of the merger to consumers.”
The new TPG Telecom will be a house of brands featuring Vodafone, TPG, iiNet, Lebara, AAPT and Internode.
The merger will be implemented on 13 July, 2020.