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An $820 million tax credit for historical tax losses lingering on Vodafone s balance sheet didn t hurt. But to be fair, TPG had to rip out much of its 5G infrastructure and install Nokia antennas, after Canberra barred Huawei from participating in Australia s national 5G rollout.
COVID-19 hammered its pro-forma figures: a standard measure in mergers and acquisitions, comparing post-merger results with simulated ones for the financial year before, had the merger been effective then. Fewer overseas visitors, including students, came to Australia to pay roaming. And the provider shuttered shops during the height of the pandemic and extended relief to customers whose finances were especially hit by the coronavirus.