TPG Telecom shares jumped more than eight percent to $8.58, their highest price in two years on Friday, following the announcement of the company’s planned merger with Vodafone Australia, which is anticipating the creation of a $15 billion entity (CDN, Friday).

However the Australian Competition and Consumer Commission threw a small dampener on any celebrations, saying it plans to review whether the deal creates any competition concerns.

“The review will look at competitive impacts in mobile services, where TPG now has a growing presence, and also fixed line, where Vodafone is a discounter,” the ACCC said.

“We will also explore likely impacts in related markets, such as spectrum acquisition markets, wholesale services, and mobile roaming.”

Under the terms announced last week, TPG will own 49.9 percent of the merged group while Vodafone’s shareholders retain ultimate control with 50.1 percent.

The combined company will have a revenue of more than A$6 billion.