(Reuters) -Australia’s TPG Telecom said on Monday that Macquarie-backed Vocus Group has secured the final approval for its A$5.25 billion ($3.42 billion) acquisition of TPG’s enterprise, government and wholesale fixed-line and fibre assets.
The deal, first announced in 2024, received approval from Australia’s competition regulator in March, positioning Vocus as one of the country’s largest owners of underground fibre infrastructure.
The acquisition will allow Vocus to connect nearly 20,000 buildings across Australia.
Monday’s clearance from the Foreign Investment Review Board marked the final regulatory approval needed for the transaction to proceed, TPG said in a statement.
Shares of TPG Telecom ended flat, while the broader ASX 200 index closed 0.2% lower.
($1 = 1.5361 Australian dollars)
(Reporting by Rajasik Mukherjee; Editing by Nivedita Bhattacharjee)
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