TPG Telecom’s shares soared to their highest level in a year after the communications business confirmed it is in exclusive talks with the Vocus Group to sell some of its fibre assets in a deal valued at $6.3 billion.

As reported on Tuesday by The Australian Financial Review’s Street Talk, TPG has received an indicative offer from Vocus for a bunch of telecommunications assets after last year hiring Bank of America to review its Vision Network business, which manages fixed broadband infrastructure.