I don't it is of massive significance, as long as they aren't...

I don't it is of massive significance, as long as they aren't hemorrhaging money. Anything run by Telecom will be a dog's breakfast anyway. TPG seems to have paid a significant discount to the replacement value of the fibre and data centre infrastructure and wholesale access is just icing on the cake. They should be able to leverage up earnings in a drastically better fashion than Telecom ever could. Its an exciting time ahead...