Australian telco TPG Telecom has confirmed that the exclusive due diligence period granted to Vocus Group has expired.

This was granted for Vocus Group's proposed acquisition of TPG Telecom's non-mobile fiber assets. TPG Telecom agreed to an extension of the due diligence period last month.

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Macquarie-backed Vocus Group bid AU$6.3 billion (US$4.21bn) for the assets.

Vocus's offer was to acquire certain Enterprise, Government, and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network.

This unit contributed around 18 percent of TPG's total fiscal 2022 revenue of AU$5.42bn (US$3.59bn).

In October, TPG announced a strategic review of its wholesale residential fixed access business, Vision Network, which has now led to the submitted bid from Vocus.

In the company's most recent statement on the topic, TPG Telecom stated that "discussions between the parties in relation to the commercial terms remain ongoing."

"As noted in our 1 August 2023 announcement, the consideration of $6.3 billion and the highly provisional indicative EBITDA perimeter of approximately $550 million are subject to change. TPG securityholders should be aware that the nature of the transaction involves considerable complexity which needs time to work through and there remains no certainty an agreed transaction will eventuate."

Should a deal be agreed between the two companies, it would still remain subject to a range of conditions, including relevant regulatory approvals, added TPG.