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(Corrects purchase price in headline)
SYDNEY, April 12 (Reuters) - Australia's TPG Telecom Ltd said it will pay the federal government A$1.26 billion ($945.38 million) for mobile phone airspace and spend another A$600 million to build a network, enabling it to bring its services to 80 percent of the population.
TPG, 34 percent owned by Malaysia-born entrepreneur David Teoh, added that it plans to raise A$400 million in a rights issue to pay down debt and allow it to re-draw the cash to pay for the three-year infrastructure build.
$1 = 1.3328 Australian dollars Reporting by Byron Kaye; Editing by Stephen Coates