Ann: TPG signs regional network sharing agreements with Optus, page-3

One interesting factor is that maybe optus was the only game in town for TPG - so same cost for one extra year is actually a far better deal. Also the five year option reduces capital expenditure risks in the future as well. Market will probably forget the hacking over time, which is a downside to teaming with Optus - although many customers will never make the linkage with Optus.

They actually will be close to level pegging with OPTus and TLS now as far as market offerings is concerned. IMO - market has expected a deal - but this is probably superior to expectations IMO. Getting 98.4% population coverage versus 98.8%, with an extra year at the same price as the TLS deal, with one more year of inflation under the belt, and getting a 5 year extension option seems superior to me, or at least equal.

Optus can possibly match TLS with this deal in place and get to 98.8% too. Justifies some cap ex.