Vodafone's Indus Towers to Merger with Bharti Infratel
25 Aprile 2018 - 9:21AM
Dow Jones News
By Adam Clark
Vodafone Group PLC (VOD.LN) said on Wednesday that its affliate
Indus Towers will merge with fellow Indian mobile-tower operator
Bharti Infratel Ltd. (534816.BY).
The merger will be conducted on a basis of the issue of 1,565
Bharti Infratel shares for each Indus Tower share, with the
combined entity to be named Indus Towers Ltd. The enlarged company
will have an enterprise value of $10.80 billion, Vodafone said.
Vodafone's current 42% shareholding in Indus Towers will be
exchanged for 783.1 million new shares in the combined company,
valued at $4.30 billion. Vodafone will jointly control the combined
company alongside Bharti Airtel Ltd. (532454.BY), the controlling
shareholder of Bharti Infratel.
Indian mobile network operator Idea Cellular Ltd. (532822.BY)
has the option to sell its 11% holding in Indus Towers for cash, or
receive new shares. U.S. firm Providence Equity also has the option
to sell a 3.3% stake in Indus for cash, and will receive new shares
for its remaining 1.5% holding.
The combined company operates more than 163,000 mobile towers
across India and will benefit from a simplification of its
organizational structure and general cost efficiencies, Vodafone
said. The deal is subject to regulatory approvals, and is expected
to complete before the end of March 2019.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
April 25, 2018 03:06 ET (07:06 GMT)
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