The approval was granted on 20 March
Gilbert + Tobin (G+T) has helped Vocus Group to obtain ACCC unconditional clearance in relation to its pitched $5.25bn acquisition of TPG Telecom's Enterprise, Government and Wholesale fixed business and fibre network assets.
The approval was publicised on 20 March after a comprehensive review of the major deal that concentrated on the competition dynamics in Australia’s data network and connectivity services market. The ACCC ruled that the acquisition was not likely to significantly reduce competition given that Vocus and TPG have different main customer segments; moreover, NBN’s enterprise ethernet product has limited entry and expansion barriers for providers with little to no fibre footprint, allowing it to compete for more significant customers.
The billion-dollar transaction marks “a transformative shift in the Australian telecommunications industry”, G+T said. The acquisition will provide Vocus with “an extensive integrated network of high-quality subsea, metropolitan, intercapital and regional fibre with significant breadth and scale” that strengthens its position as a digital infrastructure operator in Australia.
Vocus is expected to complete the deal later this year, pending Foreign Investment Review Board and US regulatory approval.
Partner Elizabeth Avery headed up the G+T team that advised Vocus on all ACCC aspects of the acquisition. The team included special counsels Haidee Leung and Sarah Lynch as well as lawyers Johnathon Geagea, Kate Blocksidge, Amy Van Dongen and James Hilder.
