Vocus has made a non-binding $6.3 billion bid for certain fixed infrastructure assets owned by TPG Telecom.
In a financial filing, TPG Telecom characterised the offer as “indicative, highly conditional [and] non-binding.”
The telco said that the offer was one of an undisclosed number that it received following a strategic review of its wholesale residential fixed access business, Vision Network, in October last year.
Vision Network is the rebrand of TPG Telecom’s wholesale arm.
Vocus has made a play for “certain TPG enterprise, government and wholesale assets and associated fixed infrastructure assets, including Vision Network.”
The conditions of the offer include due diligence, debt financing, documentation and board approvals.
TPG Telecom said the due diligence periods would expire on September 6.
“Discussions between the parties remain incomplete and transaction terms are subject to ongoing negotiation,” TPG Telecom said.
“The board of TPG has not made any decision to accept any offer, and there is no certainty an agreed transaction will eventuate.”
Any transaction would also have to pass regulatory approval.