Australia’s TPG Telecom (TPG.AX) on Tuesday said it received an offer from Macquarie-backed rival Vocus to buy some of its non-mobile fibre assets for about A$6.3 billion ($4.21 billion).
“Vocus Group made an indicative, highly conditional, non-binding offer to acquire certain of TPG’s Enterprise, Government and Wholesale assets and associated fixed infrastructure assets, including Vision Network,” TPG Telecom said.
After assessing the offer, TPG Telecom said it provided Vocus exclusive due diligence, which is currently set to expire on September 6.
Earlier in the day, the Australian Financial Review reported that Macquarie Asset Management (MAM), through Vocus, was in talks with TPG Telecom to buy all of its fibre assets except mobile assets, which would create a combined entity with an A$8 billion ($5.35 billion) to A$9 billion enterprise valuation.
Shares in TPG Telecom, which jumped as much as 8% earlier in the session, were put on a trading halt pending the announcement.