Australian TPG Telecom Challenges $ 10 Billion Merger with Vodafone Joint Venture



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(Reuters) – TPG Telecom has seized an Australian court to challenge the antitrust regulator's decision to block its merger of about $ 10 billion with Vodafone's local joint venture.

The Australian Competition and Consumer Commission (ACCC) has blocked the A $ 15 billion merger earlier this month, citing competition concerns.

The agreement was to combine Australia's third and fourth telecom operators to create a major player with TPG's fiber optic network and Vodafone's mobile system. The release, accidentally downloaded from the regulator's website earlier than planned, had destroyed actions of telecom operators.

The parties will seek orders to speed up the proceedings, TPG said in a statement on Friday.

A spokesman for the ACCC declined to comment on the procedure.

The business of Vodafone, which has trouble finding reliability, is a joint venture with Hutchison Telecommunications (Australia) Ltd., while TPG has largely a low-cost Internet business reputation.

"We believe that the merger will create an entity capable of facing more aggressive competition in the mobile phone market," a spokesman for Vodafone said in a statement to Reuters.

(Report by Devika Syamnath in Bengaluru, edited by Himani Sarkar)

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