Australia’s TPG Telecom (TPG.AX) announced on Monday that Vocus Group, backed by Macquarie, has received final approval to complete its A$5.25 billion ($3.42 billion) acquisition of TPG’s enterprise, government, and wholesale fixed-line and fibre business.
The deal, initially unveiled in 2024, had already secured a key nod from Australia’s competition watchdog in March. With Monday’s clearance from the Foreign Investment Review Board, all necessary regulatory hurdles have now been cleared, TPG said in a statement.
Once finalised, the acquisition will position Vocus as one of Australia’s largest underground fibre infrastructure owners, enabling it to connect nearly 20,000 buildings nationwide.
TPG shares closed flat on Monday, while the broader ASX 200 index (.AXJO) slipped 0.2%.
($1 = 1.5361 Australian dollars)