• Marcus Bogdan

Selling TPG Telecom (TPG)

We have sold the TPG holding from the Blended portfolio, following the surprise resignation of its Chairman and 17.2% shareholder, David Teoh. Our investment thesis for TPG placed high importance on the proven management team of Teoh, his CFO and COO applying entrepreneurial acumen to the merged businesses of TPG and Vodafone Hutchison Australia, combining broadband and mobile services with the rollout of its 5G network. The company will now be headed by Vodafone Hutchison’s former leadership team of Canning Fok as Chairman and current TPG CEO, Iñaki Berroeta.

Notwithstanding Teoh’s shareholding is in escrow until July 2022, we have taken the decision to exit rather than wait to find out if there are more material reasons than those so far disclosed, for the unexpected departure of the company’s founder and leader of almost 30 years.

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