The proposed Vodafone/TPG merger is another step closer, with TPG Telecom shareholders backing the plan.
The $15 billion deal, set to be finalised next month, was approved by 99% of shareholders in an extraordinary general meeting on Wednesday, the Australian Financial Review reports.
Under the deal, TPG would also change their name and all ASX (TPM) shares would would be suspended from trading, allowing for Vodafone Hutchison Australia to change their name to TPG Holdings and begin trading on the ASX as TPG.
TPG will now take the deal to the NSW Supreme Court for final approval. If approved, the deal would be finalised early next month.
It follows a failed bid by the Australian Competition and Consumer Commission (ACCC) to block the merger, citing competition concerns, which was overruled by the Federal Court.
Speaking on the court’s decision in February, VHA CEO Inaki Berroeta said the merger would allow for greater investment in 5G and next generation networks.
“We have ambitious 5G rollout plans and the more quickly the merger can proceed, the faster we can deliver better competitive outcomes for Australian consumers and businesses,” he said.
“For the first time, Australia will have a third, fully-integrated telecommunications company.”