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Tag: TPG

  • TPG Telecom triples 5G coverage

    TPG Telecom triples 5G coverage

    TPG Telecom has reached over 85 percent 5G population coverage in ten of Australia’s largest cities and regions as it delivers a smarter 5G network faster following last year’s merger.

    Capable of delivering speeds of more than 400Mbps, 5G coverage is available in Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra, Gold Coast, Sunshine Coast, Wollongong, and NSW Central Coast.

    The milestone has been achieved with the launch of the company’s 5G standalone core, which connects devices directly to 5G without the need for a 4G connection, supercharging its 700MHz spectrum holdings.

    TPG Telecom Chief Executive Officer Iñaki Berroeta said the 5G standalone core is a game-changer for the company and its mobile and home internet customers.

    “This is truly a pivotal moment for TPG Telecom and sets us up to deliver 5G’s full potential,” Mr Berroeta said. “The upgraded core network has amplified our 700 MHz spectrum, tripling our 5G coverage and giving us greater reach across suburbs and in densely populated areas. This will give us a competitive boost going forward, with our 5G coverage on par or ahead of other mobile networks in many areas. It not only means more coverage in more places for mobile customers, it also significantly increases our 5G fixed wireless footprint.”

    “Two in three Australians are now covered by our 5G where they work and live, and with the first major device due to be upgraded to work with standalone 5G in just a few weeks, the new coverage is ready.”

    Mr Berroeta said the 5G standalone core was a multi-year project as part of the company’s 5G network roadmap.

    “This puts us firmly on the 5G map, and the project completion is a testament to our network team who skillfully navigated challenges including lockdowns and the 5G vendor restrictions,” he said.

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  • TPG-led Group to buy stake in APM Monaco

    TPG-led Group to buy stake in APM Monaco

    American private equity business TPG Capital Management is heading an investment collective to acquire 30 per cent of Hong Kong jeweller APM Monaco.

    While financial details have not been revealed, a person with knowledge of the transaction suggested that the firm’s valuation stands at about US$800 million.

    TPG’s investment will be channelled through a private equity fund it has previously established to focus on Asian investments, which controlled more than $4.6 billion in committed capital as of last February.

    APM Monaco operates around 200 outlets in 26 countries, the majority located in Europe.

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  • Costa Coffee China sales grows

    Costa Coffee China sales grows

    UK’s Costa Coffee says sales in China have underpinned solid growth in its Asian operations.

    Costa has 459 stores in China, where sales rose 4.9 per cent in the first half year as Chinese continue to boost their coffee consumption.

    The company plans to open a further 100 stores in China before Christmas and is expanding its range to suit local tastes, after items such as Cold Brew and Character Roast performed well.

    Costa is also steadily expanding its network in other Asian markets, including Singapore where it has about 10 outlets, and Cambodia.

    Globally, Costa Coffee achieved a 5.2 per cent rise in first-quarter sales, helped by new store openings and the popularity of its Costa Express machines. However, like-for-like sales in its UK home market fell 2 per cent, reflecting the challenges faced by most retailers on high streets currently.

    Costa’s parent, brewer Whitbread, is considering options to spin the business off in a separate listing, but has reportedly since been courted by private equity firms seeing an opportunity to grow the business internationally.

    TPG, Bain Capital and CVC could pave the way for a sale of the brand realising as much as £3 billion.

    In the UK, Costa Coffee has 2467 stores, a mix of company-run and franchised stores. As it encounters trouble on high street locations, the company is shifting focus to high-traffic locations such as airports and petrol stations.

  • Australia’s TPG to enter local mobile market

    Australia’s TPG to enter local mobile market

    Fast-growing Australian fixed line operator TPG Telecom has bid A$1.26 billion ($944.8 million) to acquire 2×10 MHz of valuable 700-MHz spectrum, and plans to build its own mobile network using the bandwidth.

    TPG has revealed plans to spend A$600 million over three years to deploy a mobile network that covers 80% of the Australian population.

    As well as its imminent 700-MHz holdings, TPG also holds spectrum in the 1.8-GHz and 2.5-GHz bands. The operator plans to deploy a network consisting of around 2,000 to 2,500 sites, and use its extensive 21,000km fiber network as backhaul.

    TPG currently operates as an MVNO over Vodafone Australia’s network, but now plans to invest in deploying its own network. The company estimates it can break even with around 500,000 subscribers.

    CEO David Teoh said TPG expects to have several advantages over incumbent operators Telstra, Optus and Vodafone due to the ability to operate fewer mobile towers and deploy advanced mobile technology on its network, without the requirement to support legacy equipment and networking standards.

    “We believe that our mobile strategy will be complementary to our ongoing fixed line business, with the ability to bundle mobile and fixed services expected to have a beneficial effect on our already low fixed services customer churn,” he said.

    TPG was also recently selected to become Singapore’s fourth mobile operator after bidding S$105 million ($74.8 million) for a license and spectrum, and last week successfully bid S$23.8 million for 10 MHz of 2500-MHz spectrum.

    The Australian 700-MHz auction raised more than A$1.5 billion – significantly higher than the A$857 million reserve price – with Vodafone Australia also securing 2x5MHz of spectrum for A$285.9 million.

    The licenses will commence in April 2018 and expire at the end of 2029.

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  • Thailand’s CP All bidding for Polish retail chain

    Thailand’s CP All bidding for Polish retail chain

    Thailand convenience-store chain CP All and three private equity funds are competing to buy Polish retail chain Zabka from Mid Europa Partners in a deal valued at up to €1.5 billion (US$1.59 billion).

    Zabka’s sale comes at a time when some policies of the ruling conservative Law and Justice party in Poland are considered an investment risk, says Deal Street Asia. CP All, which runs 7-Eleven stores, is up against CVC Capital Partners, TPG and Hellman & Friedman. The deadline for binding offers is mid-February.

    London-based private equity firm Mid Europa Partners, which focusses on central and eastern European investments, bought Zabka in 2011 for €400 million. Zabka, with 3400 stores, had sales of 5.75 billion zlotys (US$1.39 billion) in 2015.

    In November, Mid Europa Partners bought Romanian supermarket chain Pro from Polish Enterprise Investors fund for €533 million.

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  • TPG wins auction to be Singapore’s fourth cellco

    TPG wins auction to be Singapore’s fourth cellco

    Australian fixed line operator TPG Telecom has won the new entrant spectrum auction to become Singapore’s fourth mobile network operator.

    TPG submitted the winning bid of S$105 million ($72.8 million) for a provisional allocation of 60 MHz of spectrum in the 900-MHz and 2.3-GHz spectrum bands.

    TPG outbid MyRepublic to secure the new license and spectrum.

    Final allocation of the spectrum will require payment of the relevant spectrum fees, and the commencement date of spectrum rights will be scheduled after the planned general spectrum auction to be held in the first quarter.

    Regulator IMDA said the new spectrum rights are expected to commence on April 1 at the earliest. TPG will also be eligible to compete in the general spectrum auction if the operator so chooses.

    As a condition of its bid, TPG will need to provide nationwide street level 4G coverage within 18 months of the new spectrum rights commencing, road tunnels and in-building coverage within 30 months and coverage of MRT underground stations and lines within 54 months.

    Singapore MVNO Circles.Life, which launched earlier this year as the market’s fourth postpaid mobile service provider, has welcomed the move.

    “Circles.Life welcomes IMDA’s on-going efforts to support competition and look forward to TPG Telecom’s entry into the telco space in Singapore… We hope TPG Telecom will continue to support our ambition to bring more innovation and choice to the market,” the company’s co-founder and director Rameez Ansar said.

    “In the short-term, the impact may be limited until TPG Telecom enters the market in about two years from now after building the required infrastructure. Meanwhile, we are focusing on targeting the data savvy segment.”

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  • MyRepublic, TPG to bid for Singapore mobile license

    MyRepublic, TPG to bid for Singapore mobile license

    Singapore’s Infocomm and Media Development Authority has pre-qualified ISP MyRepublic and Australian telecoms group TPG Telecom to participate in an auction for a fourth mobile license.

    MyRepublic and TPG will bid for a 60-MHz lot of spectrum in the 900-MHz and 2.3-GHz bands, in an auction expected to be complete by the end of the year.

    A third applicant for the auction, airYotta, has been disqualified for failing to meet the required pre-qualification criteria.

    The auction will be followed by a general spectrum auction open to existing mobile operators M1, Singtel and StarHub, as well as the winner of the new entrant auction. This second auction is expected to commence in the first quarter of next year.

    MyRepublic is a fiber-based ISP with a solid presence in Singapore, and a growing regional reach. The company recently arranged to launch broadband services with speeds of up to 100Mbps in Australia over the national broadband network (NBN), and also has operations in New Zealand and Indonesia.

    TPG Telecom is Australia’s second largest fixed line ISP and largest MVNO. The company has been steadily expanding through acquisitions and organic growth.

    Singapore MVNO Circles.Life has announced it “ welcomes IMDA’s on-going efforts to support competition in the telco space.”

    Circles.Life entered this year as a digital telco and has been aiming to disrupt the market with innovative offers for data-savvy customers, and looks forward to further disruption if a new entrant arrives in the market, the company said in a statement.

  • Pomelo boosts funding to $11m

    Pomelo boosts funding to $11m

    Thai online fashion retailer Pomelo has raised a follow-on round, bringing its total Series A funding to US$11 million.

    This round was again led by Singapore-based Jungle Ventures, with participation from existing investors and new contributors including 500 Tuk Tuks (a fund of major venture capitalist 500 Startups), Andre Hoffmann and Jonathan Price.

    Pomelo says it will use the funds to continue expanding in Southeast Asia. While focussed on Indonesia, Singapore and Thailand, it has customers in more than 40 countries.

    “We strive to provide the absolute best in terms of online fashion through our vertically integrated supply chain,” says Pomelo co-founder/CEO David Jou. “eCommerce is clearly approaching a tipping point in Southeast Asia, and we’re lucky to be one of the leaders in the fast-growing fashion vertical.”

    Additionally, the label continues to strengthen its management depth, having added Meg Mistry as brand president and James Lamrock as regional VP (operations). Mistry was previously regional creative director for online fashion house Zalora, while Lamrock was chief logistics officer at Luxola, which was acquired by beauty products company Sephora. Investment firm TPG senior adviser Jonathan Price has also joined in an advisory capacity. He was previously MD of cosmetics and skincare group The Body Shop Asia and global COO of accessories company Targus.

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  • McDonald’s Korea sale collapses

    McDonald’s Korea sale collapses

    And in the simultaneous divestment process for the 20-year McDonald’s China franchise rights, TPG Capital has reportedly withdrawn leaving two rival private equity firms in the race – Bain Capital and Carlyle Group – competing with two Chinese companies previously reported to be in the negotiations: retailer Wumart Stores and Sanpower Group.

    With Maeil Dairies Industry Co dropping out of the running for McDonald’s Korea, that sale process seems at best stalled.

    McDonald’s, which directly manages about 400 stores in South Korea, has been looking for local partners to run the Korean outlets as franchise stores that pay annual commissions instead. The deal initially drew interests from several investors, including CJ and NHN Entertainment, but they have nixed their plans.

    Maeil Dairies had formed a consortium with Carlyle Group, but pulled out after failing to agree on terms of contract, industry sources familiar with the matter told the Yonhap news agency.

    “We can’t verify the specific details as McDonald’s headquarters office is in charge of the bidding process, but the sales process is still under way,” an official at McDonald’s Korea said, without elaborating on the deal.

    Meanwhile, in China, TPG’s withdrawal was confirmed overnight by unidentified sources close to the matter and reported by several news networks.

    Carlyle Group has partnered with Citic Group and Bain with GreenTree Hospitality, a hotel group.

    McDonald’s is seeking as much as $3 billion for the China rights, which come with a 10-year expansion option.

    There are about 2400 McDonald’s restaurants in China and Hong Kong and the US company wants its master franchisee to expand that network rapidly to compete with rival Yum! China’s expansion plans.

    The ongoing presence of private equity bidders in the process is surprising, because McDonald’s has made it clear it is seeking a long-term partner rather than private equity firms, which typically cash out after a few years.

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  • McDonald’s Asia to sell 2800 restaurants

    McDonald’s Asia to sell 2800 restaurants

    McDonald’s Asia is preparing to sell some 2800 restaurants across Asia as it introduces a new business model in its fastest growing major market.

    And Reuters has named frontrunning investors in what looks to be a spin-off business in much the same nature as Yum! Brands is selling off its Chinese KFC, PIzza Hut and Taco Bell operation.

    Early contenders as partners with McDonald’s US include state-backed China Resources and private equity investors Bain Capital, TPG Capital, Baring Private Equity Asia and MBK Partners. China Resources already has street cred in the food sector, operating Pacific Coffee chains in Hong Kong, Macau, Singapore and China.

    McDonald’s is planning to create a new Asian business which would own restaurants as master franchisee, using local market knowledge and capital to expand networks in respective markets.

    Operations in China, Hong Kong, Macau and South Korea would be rolled into the new entity, although it is highly likely separate businesses could be created for each market – one for China, one for Hong Kong-Macau and another for Korea.

    McDonald’s has a stand-alone, listed business in Tokyo which encountered huge market problems several years ago and last year lost US$310 million after a major cull of its network. The company is trying to sell down its stake in that business from 49.99 per cent to 20 per cent.

    Inside Retail Hong Kong expects that McDonald’s Asia would likely be funded by a cashed-up investment partner for about five years before potentially being floated, most likely in Hong Kong.

    A fortnight ago, McDonald’s Chicago-based CEO Steve Easterbrook revealed plans to open 1500 new stores across China, Hong Kong and Korea within five years – 1300 of those in Mainland China. Globally, the company plans for 95 per cent of its restaurants to ultimately be franchised.

    In China’s mainland, McDonald’s already operates some 2200 restaurants – its new target is 3500.

    Easterbrook says strategic partners could “add value and unlock growth potential in key markets” in Asia.

    “This will allow McDonald’s to accelerate our growth and scale faster across diverse markets placing us closer to our customers and the communities we serve,” he said on March 31.

    Reuters quotes sources revealing McDonald’s has engaged Morgan Stanley to run the sale of the restaurants in China, Hong Kong and South Korea, with a formal, public sale process to be launched in mid-May.

    The final business model is subject to negotiations with potential buyers, but McDonald’s expects a one-time franchise payment and ongoing royalties based on sales – the typical industry rate running between 3 per cent and 5 per cent. Capital investment required to roll out new stores would be the responsibility of the franchisee.

    Reuters said McDonald’s declined further comment beyond its March 31 statement from Easterbrook and the private equity companies named, China Resources and Morgan Stanley all also refused to comment.

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