Ann: TPG to Acquire iiNet in a Recommended Transaction, page-8

I agree, Mark, that on the straight financials IIN is not the best value, and the growth seemed to have stalled. But as an add on for TPG, it is great value. As well as the geographical synergies, they different offerings of TG and iiNet are about as far apart as you could get. TPG - cheap no frills end of the market, iiNet more expensive but high service etc end of the market.

Brilliant if TPG can pull it off. However, it will involve high level of debt. Given TPG's record, it will be able to pay this off quickly from the high cashflow, but still a concern.