Shares in Hutchison Telecommunications Australia surged 44%.
"The combination of the two companies will create an organisation with the necessary scale, breadth and financial strength for the future", Vodafone Hutchison Australia's chief executive Inaki Berroeta said in a statement.
VHA CEO Iñaki Berroeta will be the managing director and chief executive of the merged group, while TPG CEO and chairperson David Teoh will be the chairperson.
Two of Australia's largest telco companies are joining forces in a a landmark $15 billion merger.
"If the merger is approved, it will create even more opportunities for us as a combined entity to drive value for Australian consumers".
TPG will also separate its Singapore mobile business to existing shareholders by way of a non-cash distribution, in a deal which will not affect TPG's merger ownership.
Nick Read, CEO-designate of Vodafone, said: "This transaction accelerates Vodafone's converged communications strategy in Australia and is consistent with our proactive approach to enhance the value of our portfolio of businesses".
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VHA is jointly owned by its British parent company Vodafone Group Plc and Hutchison Telecommunications (Australia) Limited. Vodafone will provide a guarantee on approximately A$2.4bn of this debt, lower than the approximately A$3.3 billion guarantee that Vodafone now provides for VHA's debt.
The new entity will assume TPG's name and will be listed on the Australian Securities Exchange, with TPG shareholders holding 49.9 percent and Vodafone owning the remainder.
The $15bn merger will bring together Vodafone's mobile network and nearly six million mobile customers with TPG's extensive fixed-line broadband services which boasts 1.9 million residential subscribers as well as corporate, government and business customers. It is anticipated that the merger will be completed in 2019, subject to approval from TPG shareholders and regulatory authorities.
As part of the deal, TPG is to split off its Singaporean mobile business.
Vodafone is betting on an $8 billion merger to better compete with Australia's telecom giants as the country prepares to shift to faster mobile networks. The Government of Australia is auctioning 125 MHz of 3.6 GHz band spectrum.
TPG is being advised by Macquarie Capital and Herbert Smith Freehills, while Vodafone Hutchison is being advised by Bank of America Merrill Lynch, Deutsche Bank AG and Norton Rose Fulbright.