Analyst Note| Brian Han |
We read nothing into the due diligence extension for the possible sale of TPG Telecom's nonmobile fiber assets. The original Sept. 6, 2023 deadline for exclusive "tire-kicking" was just a marker to ensure a sense of urgency on Vocus. The extension to Oct. 4 is fathomable, as there is plenty to look at under the hood. The maintainability of the AUD 550 million in enterprise, government, and wholesale earnings from the fiber assets and the details of service and lease arrangements with TPG's mobile unit after any sale are the obvious areas of focus.