Vodafone bets on $8 billion merger to boost Australia business

Vodafone’s (VOD) Australian business is the third largest mobile operator in the country after Telstra (TLSYY) and Optus, which also have big fixed-line internet operations. Vodafone announced Thursday that it’s teaming up with TPG, a major fixed-line broadband provider.

“With this merger, we will be a more formidable competitor against Telstra and Optus,” TPG’s billionaire founder and chairman, David Teoh, said in a statement.

The merged business will be better placed “to invest in 5G technologies that will deliver faster services,” the companies said.

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