Indus Towers logo

INDUSTOWER - Indus Towers News Story

₹251.65 -4.9  -1.9%

Last Trade - 12/05/21

Sector
Telecoms
Size
Large Cap
Market Cap £6.54bn
Enterprise Value £8.00bn
Revenue £1.34bn
Position in Universe 65th / 3110

UPDATE 1-India's Bharti Infratel, Indus Towers to merge

Wed 25th April, 2018 5:11am
(Adds shareholder details, background, valuation)
    April 25 (Reuters) - India's Bharti Airtel Ltd  BRTI.NS 
approved the merger of Indus Towers Ltd with its mobile masts
operator unit Bharti Infratel Ltd  BHRI.NS , creating the
largest tower company outside China by number of towers, the
carrier said on Wednesday.
    Shareholders of Indus Towers will get 1,565 shares of Bharti
Infratel for every share held, valuing Indus Towers at an
enterprise value of 715 billion rupees ($10.74 billion).
    Vodafone Group Plc  VOD.L , Idea Group  IDEA.NS  and
Providence Equity Partners have agreed to merge their holdings
in Indus Towers into Bharti Infratel, creating a combined
company that will be owned by Bharti Airtel and Vodafone with
equal rights, the companies said in a joint statement. https://www.bseindia.com/xml-data/corpfiling/AttachLive/475e6837-8e15-4c81-b904-bd4b1c1074f3.pdf
    Pro forma for the transaction, the combined company's equity
value will be 965 billion rupees ($14.50 billion), they said.
    The deal is expected to close before March 31, 2019 and the
combined company, which is to be named as Indus Towers Ltd, will
be listed on Indian stock exchanges.
    Bharti Airtel, which owns a 53.5 percent stake in Bharti
Infratel, said it will consider a strategic stake sale in Indus
Towers post merger.
    The board of the combined company will have 11 members -
three each from Bharti Airtel and Vodafone, one from KKR  KKR.N 
or Canada Pension Plan Investment Board and four independents 
(including the chairman), the companies said.
 ($1 = 66.5675 Indian rupees)

 (Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar
Warrier)
 ((Vishal.Sridhar@thomsonreuters.com; +91 80 6749 4338; Reuters
Messaging: vishal.sridhar.thomsonreuters.com@reuters.net))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.