News: TPM Australia's TPG Telecom, Vodafone local units to merge

Aug 30 (Reuters) - Australia's TPG Telecom Ltd (TPM) and Vodafone Group's VOD.L local business units said on Thursday they had agreed to merge, with the combined entity sporting an enterprise value of A$15 billion ($10.97 billion).

The new entity will assume TPG's name and be listed on the Australian Securities Exchange, with TPG shareholders holding 49.9 percent and Vodafone owning the remainder. Directors of TPG recommended that its shareholders vote in favour of the deal in the absence of a superior proposal, TPG said in a statement. ($1 = 1.3678 Australian dollars)