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27 Mar 2015

eigth story

Vodafone next takeover target?

The proposed takeover of Internet service provider iiNet by rival TPG has led to speculation about TPG’s further ambitions in the market. 

The takeover will create a company that would be a new number two in the wireline broadband market. But without a presence in the wireless space, particularly in mobiles, the company’s future expansion opportunities will be limited.

 That is why some industry insiders are tipping a TPG bid for Vodafone, the number three mobiles player in Australia and a company which has struggled to maintain a secure foothold in the market almost from the time it began operations here back in 1992.

Vodafone’s share of mobile subscribers has hovered around 20% for several years and there has long been speculation about whether it had a future in Australia.  And according to iiNet founder, Michael Malone, it is not too big a fish for TPG to swallow.

 “I’ve seen some commentators suggest it’s worth about a $1 billion plus the assumption of [its] debt,” Malone recently told an industry conference. 

“That’s something TPG could manage, and [TPG CEO] David Teoh is brave enough to actually attempt something like that.”

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