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By Stuart Condie
SYDNEY–TPG Telecom ended talks with Vocus over the potential 6.3 billion Australian dollars (US$4.01 billion) sale of non-mobile fiber assets, adding that it had received interest from other investors.
TPG on Monday said that it ended discussions with closely held Vocus over what it said would have been a complex transaction involving its enterprise, government and wholesale assets.
“The parties have been unable to reach alignment on the operating model and commercial terms for TPG to have sufficient confidence that a successful transaction can be agreed and executed,” TPG said.
In August, TPG announced the receipt of Vocus’s non-binding proposal and several expressions of interest in its fixed infrastructure assets. On Monday, it noted what it called ongoing strong interest from potential strategic and financial investors in those assets.
TPG added that it remained committed to exploring options to deliver shareholder value. It would assess alternatives and progress an ongoing strategic review with Bank of America, it added.
The acquisition of TPG’s fixed assets could have made Vocus a significant fixed-line threat to Australian telecommunications giant Telstra, Jefferies analyst Roger Samuel wrote in a note published last week.
Write to Stuart Condie at [email protected]
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