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☆ Australia's TPG Telecom ends $4 billion fibre sale talks with Vocus
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 13 (Reuters) - Australia's TPG Telecom Ltd (TPG.AX) said on Monday it had ended discussions with Macquarie-backed rival Vocus Group for the sale of some of its non-mobile fibre assets for about A$6.3 billion ($4.00 billion) as the parties failed to agree commercial terms. "The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms," TPG Telecom said in a statement. In August, Vocus had made a non-binding offer to TPG Telecom to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. The collapse of the fibre sale deal with Vocus is a second such setback for TPG Telecom, whose asset swap deal with bigger rival Telstra Group (TLS.AX) was blocked by the country's antitrust regulator and Australian Competition Tribunal. Under the asset swap deal, Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure.

Persons: Jason Reed, Vocus, Himanshi, Sandra Maler, Grant McCool Organizations: REUTERS, Australia's TPG Telecom Ltd, Vocus Group, TPG Telecom, Enterprise, Government, Wholesale, Vision Network, TPG, Vocus, Telstra Group, Australian Competition, Telstra, Thomson Locations: Sydney, Australia, Macquarie, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 bln deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 billion deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Aussie telecom firms Telstra, TPG will not appeal block of asset transfer deal
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/Aug 14 (Reuters) - Australian telecom firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX) on Monday said separately they would not appeal the country's competition tribunal's decision to block an asset transfer deal between the two telecom giants. In June, the Australian Competition Tribunal upheld the competition regulator's decision to block the deal between the telecom firms, under which Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure. The country's competition regulator had ruled against the asset transfer deal in December citing competition concerns and potentially impacting the no. Telstra did not provide any details about its decision to not appeal the tribunal's decision in the exchange filing, and did not immediately respond to a Reuters request for further details. TPG Telecom, which also did not provide any reason, said it would "continue to explore commercial options to expand its mobile network".

Persons: David Gray, Sameer Manekar, Diane Craft Organizations: Telstra, REUTERS, Australian, Telstra Group, TPG Telecom, TPG, Optus, Singapore Telecommunications, Thomson Locations: Sydney, Australia, Bengaluru

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. "A substantial lessening of competition in home loans would have major flow-on impacts to Australians with a mortgage," he added. The companies said they would seek a review of the determination at the Australian Competition Tribunal, an offshoot of the federal court which oversees takeover rulings. Taking the deal to the competition tribunal would delay its completion to mid-2024, if the tribunal approved it, from the late 2023 timeline the companies gave when they announced it a year ago. The ANZ-Suncorp deal also needs sign-off from Treasurer Jim Chalmers who declined to comment.

Persons: Lucy Craymer, Mick Keogh, Gina Cass, Gottlieb, Jim Chalmers, Byron Kaye, Himanshi, Stephen Coates Organizations: ANZ Bank, REUTERS, ANZ, Suncorp, ANZ Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, Citi, Telstra, TPG Telcom, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Sydney, Bengaluru

☆ Australian competition regulator rejects $3.2 bln ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy CraymerAug 4 (Reuters) - Australia's competition regulator said on Friday it had denied authorisation for ANZ Group Holdings (ANZ.AX) to proceed with its proposed A$4.9 billion ($3.21 billion) acquisition of Suncorp Group's banking arm. The Australian Competition and Consumer Commission (ACCC) said it was not satisfied that the acquisition would not lessen competition in the supply of home loans to Australian customers. "Evidence we obtained strongly indicates that the major banks consider the second-tier banks to be a competitive threat," ACCC Deputy Chair Mick Keogh said in a statement. Keogh said the proposed acquisition would further "entrench an oligopoly" structure, with the country's four major banks dominating. "We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland," ANZ said in a statement, noting that the ACCC's decision can be reviewed by the independent Australian Competition Tribunal.

Persons: Lucy Craymer, Mick Keogh, Keogh, Himanshi, Shri Navaratnam, Subhranshu Organizations: ANZ Bank, REUTERS, ANZ Group Holdings, Suncorp, Australian Competition, Consumer Commission, ANZ, Australian Competition Tribunal, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Queensland, Bengaluru

☆ Telstra-TPG Telecom network sharing deal blocked by Australia's competition tribunal
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

June 21 (Reuters) - The Australian Competition Tribunal has upheld a decision to block a network sharing agreement between wireless internet firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX), TPG said on Wednesday. The Australian Competition and Consumer Commission (ACCC) had ruled against the plan in December, saying it would bring "a real risk that TPG and Optus will invest less in critical infrastructure". Optus, the country's No. 2 wireless internet provider and which is owned by Singapore Telecommunications (STEL.SI), had opposed the deal, saying it would build Telstra's market dominance. Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Harish Sridharan, Subhranshu Sahu Organizations: Australian, Telstra Group, TPG Telecom, TPG, Australian Competition, Consumer Commission, Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

☆ Australia's competition tribunal blocks Telstra-TPG Telecom network deal
▼ + stars: | 2023-06-21 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

2 wireless internet provider owned by Singapore Telecommunications (STEL.SI). TPG said it would review the tribunal's decision before considering its options for further appeal, including a judicial review in the Federal Court. Telstra shares were up 0.7% in early trade, while TPG's shares fell as much as 10.8%, the biggest intraday decline since August 2022. Optus, which had previously opposed the deal on the grounds it would build Telstra's market dominance, said it welcomed the tribunal's decision. "The tribunal's decision was a decisive move for competition in the sector," Commpete Chair Michelle Lim said.

Persons: Vicki Brady, Kelly Bayer Rosmarin, Commpete, Michelle Lim, Harish Sridharan, Subhranshu Sahu, Jamie Freed, Sherry Jacob, Phillips Organizations: Companies Telecom, Optus, TPG Telecom, TPG, Telstra, Australian Competition Tribunal, Telstra Group, Australian Competition, Consumer Commission, Singapore Telecommunications, ACCC, ACT, Thomson Locations: Bengaluru

☆ Australia blocks Telstra-TPG wireless internet deal, sparking legal fight
▼ + stars: | 2022-12-21 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Dec 21 (Reuters) - Australia's antitrust regulator blocked an asset transfer deal between Telstra and TPG, the country's No.1 and No.2 wireless internet firms, citing competition concerns, setting the scene for a legal battle over access to four million customers. In a deal announced in May, Telstra Group (TLS.AX) was to buy spectrum - airwaves which carry wireless internet - and transmission towers from TPG Telecom Ltd (TPG.AX), while TPG would keep selling 4G and 5G coverage using what would become Telstra's infrastructure. 3 wireless internet provider Optus, owned by Singapore Telecommunications (STEL.SI), opposed the deal saying it would build Telstra's market dominance. The decision sets up a second legal showdown between TPG and the ACCC in just over two years. "By knocking back this deal, the ACCC has helped ensure that our regional communities will continue to benefit from competition," said Optus CEO Kelly Bayer Rosmarin in a statement.

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