Global firms score roles in $15bn Vodafone Australia-TPG merger

The deal creates a fully integrated telecoms operator in Australia with more power to challenge major incumbents

Global firms score roles in $15bn Vodafone Australia-TPG merger

Global law firms have taken the lead as legal advisers in the just-announced merger between Vodafone Hutchison Australia and TPG Telecom.

Norton Rose Fulbright (NRF) is advising Vodafone, while Herbert Smith Freehills (HSF) is acting for TPG. The deal is one of the largest M&A transitions in the history of Australian telecommunications.

The combined entity will create a fully integrated telecoms operator in Australia with more power to challenge major incumbents. The resulting company – touted to be better able to invest and drive innovation and competition – will have a pro forma enterprise value of about $15bn.

M&A senior partner John Elliott and telecommunications partner Martyn Taylor lead the NRF team. The global firm provided M&A, competition, commercial, regulatory, equity capital markets and joint venture advice.

“The deal is a game-changer for the telecommunications sector in Australia and for Vodafone Hutchison Australia. We will continue to work closely with the company on the next steps of the transaction, including the obtaining of regulatory clearances and a wide range of implementation issues,” Taylor said.

NRF said it advised Vodafone on the scheme implementation deed, structuring of a joint venture, regulatory matters and all other legal issues underpinning the deal.

Corporate and M&A partners Jeremy Wickens and Raymond Lou led the respective negotiations on the scheme implementation deed and joint venture arrangements. Special counsel Andrew Willekes is assisting with competition and regulatory matters.

HSF’s team is led by deputy senior partner Rebecca Maslen-Stannage, with partner Malika Chandrasegaran.

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