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Bharti Infratel, Indus Towers merger in final stages
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Mega merger of Bharti Infratel and Indus Towers is in the last lap and an announcement is expected soon, sources with direct knowledge told CNBC-TV18. The final contours being worked out values the merged entity above $16 billion. Sources share that Bharti & Vodafone will be the joint promoters of the merged tower company with …
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Mega merger of Bharti Infratel and Indus Towers is in the last lap and an announcement is expected soon, sources with direct knowledge told CNBC-TV18.
The final contours being worked out values the merged entity above $16 billion. Sources share that Bharti & Vodafone will be the joint promoters of the merged tower company with over 1,60,000 telecom towers.
Idea Cellular will be a big beneficiary which is likely to gain over $1 billion by selling its 11.15% stake in Indus. Private equity firm Providence will also exit its 4.85% stake in indus Towers as part of the deal.
KKR which holds 10.3% stake in Bharti Infratel will continue as a minority shareholders in the merged company with over 6% stake.
A source said, “This new structure gives an early solution to the long pending complicated deal between the two tower companies. But, Bharti, Vodafone may have a one year lock-in due to their promoter status.”
CNBC-TV18 reached out to Bharti Group, Vodafone, Idea Cellular, KKR, Providence, all declined to make any comment on the deal development.
Merger of Bharti Infratel & Indus Towers was agreed upon by all the parties involved after the earlier deal of KKR, CPPIB combine buying majority stake in Bharti infratel and then in turn buying Indus Towers failed to materialize.
Bharti Infratel is cash rich and has close to Rs 6500 crore cash on its books which may be used to give an exit to Idea Cellular as part of the deal. Idea Cellular is currently in the process of executing the merger with Vodafone India which was announced a year ago.
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