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.
Meanwhile, Vocus Communications said in a statement that the “clearance represents the final Australian regulatory approval required for this transaction and we will continue to work towards finalising the remaining conditions precedent.
“When completed, it will position Vocus as a key digital infrastructure operator in Australia, with an extensive integrated network of high-quality subsea, metropolitan, intercapital and regional fibre with significant breadth and scale,” the company said.
The transaction is expected to close before the end of the year.
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