• TPG to sell fibre network infrastructure and EGW fixed operations to Vocus for $5.25B
• FIRB approval received, final regulatory hurdle cleared
• Net cash proceeds of $4.65B - $4.75B expected for TPG

TPG Telecom Limited (ASX: TPG) has announced that it has received Foreign Investment Review Board (FIRB) approval for the sale of its fibre network infrastructure assets and Enterprise, Government and Wholesale (EGW) fixed operations to Vocus Group Limited. The transaction will be completed for an enterprise value of $5,250 million, including a potential $250 million Contingent Value Payment. The FIRB clearance marks the final Australian regulatory approval required for the completion of the transaction, which will deliver net cash proceeds to TPG of $4,650 - $4,750 million. The net cash proceeds are calculated as the enterprise value less the Contingent Value Payment, TPG's contribution to Buyer Transaction Costs, and estimated Seller Transaction Costs including stamp duty and other cash tax impacts, but prior to the impact of any TPG Separation Costs. Completion of the transaction remains subject to satisfaction of other remaining conditions precedent, including completion of an internal restructure.