As part of its ongoing transformation, TPG is considering an offer to sell some of its enterprise and wholesale assets to fibre network provider Vocus for around $6.3 billion. TPG said the Vocus deal was contingent on a number of factors including due diligence, debt financing, approvals and regulation, and that it had not made any decision to accept a deal yet. Berroeta said it was too early to speculate.

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A proposed infrastructure share plan with Telstra, which would have lifted TPG’s effective mobile footprint from 96 per cent of the population to 98.8 per cent, was rejected by the competition tribunal earlier this year. While Berroeta reiterated that TPG was not planning to challenge that decision further, he said the door was still open for similar deals.

“The tribunal said that infrastructure-sharing deals are possible and could create good competition. So they are not against infrastructure sharing. But there were a number of aspects of that agreement that they felt could create in the future some competitive challenges,” he said.

“So the decision is quite helpful in terms of setting the parameters of how a network sharing agreement could work. So we basically thought it was better to work on the positive side, to continue exploring opportunities to bring such a deal, than to enter into a process that would probably take a long time.”

E&P Capital analyst Entcho Raykovski said the half-year results were in line with market estimates, with stronger earnings than expected.

TPG’s share price was up 3.6 per cent to $5.62 at 2.10pm AEST. The company will pay an interim dividend of 9¢ per share, unchanged from a year earlier.

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