Ann: Trading Halt, page-74

That's exactly the point. Right now as you say "TPG are not really in the race." In a merged entity they will be able to better invest in 5g, improve coverage, cross sell, and pass on some cost savings from synergies to compete with Telstra and Optus. Better product offering with reasonable prices.

A stronger third force is better than a half baked third (basicply insolvent) and fourth force.

ACCC is to simplistic in saying 4 is better than threem the judge rightfully said, the quality of competition also matters, not just the number of them.