Vodafone's Australia operation in $15bn merger with TPG

Vodafone Hutchison Australia (VHA) and TPG Telecom have announced plans to merge in a deal creating a company worth AUS$15bn (£8.4bn).

The agreement, aimed at taking the fight to larger mobile and broadband rivals Telstra and Optus in the Australian market, would see the privately-owned VHA hold a 50.1% majority stake.

TPG shareholders would own 49.9% of the merged company, which will be called TPG Telecom because of its current Australian stock market listing.

Its shares were up 11% on news of the deal.While VHA is currently Australia's third-largest mobile operator, TPG is one of the country's largest internet service providers.

The deal was thrashed out following years of domination for Telstra in Australia's mobile communications market though times have proved tougher more recently.

Just last month Telstra announced proposals to cut 8,000 jobs and warned of "enormous challenges" ahead.

It blamed a changing market landscape and stiffer competition for a 9% fall in annual profits.

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