Through an accident of history, Spark has sizeable financial stake in the outcome of Vodafone Australia and TPG Telecom's attempt at a A$10.9 billion merger, which is making headlines across the ditch.

The value of the Kiwi telco's 10 per cent stake in Hutchison Telecommunications Australia - which owns 50 per cent of Vodafone Australia - got hammered this week as HTA shares fell 28 per cent on news the ACCC had blocked the merger.

Shares in TPG (a homegrown company that bears no relation to the US private equity player with the same initials) finished Wednesday down 14 per