Executive Summary

TPG Telecom’s recent sale of its fibre assets and enterprise fixed business to Vocus Group for $5.25 billion marks a pivotal strategic realignment. This divestment, which includes net cash proceeds of approximately $4.7 billion, enables TPG to pivot from a capital-intensive infrastructure owner to a mobile-centric, capital-light service provider. 

The move is underpinned by a robust capital management plan, which includes a significant debt reduction of up to $2.4 billion and a pro rata capital return to shareholders of up to $3 billion. The strategy is designed to create a simpler, more efficient business, focused on leveraging key infrastructure-sharing agreements to drive growth in the competitive mobile and home internet markets.