Vocus has completed the acquisition of TPG Telecom's (TPG) fiber assets and Enterprise, Government, and Wholesale business for an enterprise value of AU$5.25 billion (US$3.42bn).

The deal has been finalized after the Australian government approved the deal in early July.

It was previously cleared by the Australian Competition and Consumer Commission (ACCC) in March.

Completion of the deal has come quicker than anticipated, after Vocus said it expected to close the deal by the end of the year last month.

Vocus and TPG Telecom entered discussions with Macquarie-backed Vocus over a deal to buy TPG's non-mobile fiber assets after Vocus' initial bid of AU$6.3 billion (US$4.1bn) in August 2023.

The deal means Vocus now operates more than 50,000km of owned fiber, nearly 15,000km of global submarine cables, and close to 20,000 connected buildings.

As part of the deal, Vocus also acquires TPG Telecom’s PPC-1 submarine cable, which runs from Sydney to Guam.

“With digital infrastructure driving the modern economy, growth and innovation, this investment gives Vocus the scale and reach to deliver a better and broader suite of products and services, increasing competition in a sector which is critical for Australia’s future," said Andrés Irlando, CEO, Vocus.

"Completion of this acquisition also affirms and strengthens Vocus’ role as a key digital infrastructure operator in Australia, serving the Enterprise, Government, and Wholesale sector. Customers are the biggest winners in this deal.”

Following the completion of the deal, Vocus said it will now push on with the integration of teams, network assets, products, and solutions into its systems. It notes that this will enhance operational efficiency and support future growth to drive competition in the sector.

TPG will still keep its mobile radio network infrastructure, consumer and EG&W mobile business, plus its consumer and small office/home office commercial fixed business.