TPG Telecom Completes the Acquisition of iiNet

TPG Telecom has finalised its acquisition of iiNet, after the Australian Competition and Consumer Commission decided not to oppose the transaction. Most of the acquisition will be paid via cash, with iiNet shareholders receiving AUD 1.2 billion. TPG Telecom is also issuing 27.5 million shares to iiNet shareholders, which was the maximum level of the share cap. iiNet shareholders will also be entitled to a fully franked special dividend of AUD 0.6914 per iiNet share plus a top-up cash consideration of AUD 0.0586 per share. These payments will total an additional AUD 122 million.