Technoglitch
Core Member
Singapore Telecommunications Ltd (Singtel) said on Thursday that it had signed an agreement with its majority owner Temasek Holdings (Pte) Ltd to purchase a 7.39% stake in Bharti Telecom Ltd, the holding company of India’s largest telco Bharti Airtel Ltd, for $659.51 million.
The deal will strengthen the foothold Singtel, South-East Asia’s largest telecom company, has in India, the world’s second largest mobile-phone market, where consumers are switching to smartphones from feature phones at a rapid pace.
Prior to the agreement with Temasek, Singtel already owned 39.78% of Bharti Telecom besides a direct stake of 15.01% in Airtel through its subsidiaries Pastel Ltd and Viridian Ltd.
With the latest deal, Singtel’s effective total holding in Airtel will increase to 36.27% from 32.94%, cementing its position as the largest shareholder in the Indian company.
The Mittal family owns just under a 30% effective stake in Airtel, largely by virtue of its 51% stake in Bharti Telecom.
Singtel to buy 7.39% more in Bharti Telecom for $659 million - Livemint
The deal will strengthen the foothold Singtel, South-East Asia’s largest telecom company, has in India, the world’s second largest mobile-phone market, where consumers are switching to smartphones from feature phones at a rapid pace.
Prior to the agreement with Temasek, Singtel already owned 39.78% of Bharti Telecom besides a direct stake of 15.01% in Airtel through its subsidiaries Pastel Ltd and Viridian Ltd.
With the latest deal, Singtel’s effective total holding in Airtel will increase to 36.27% from 32.94%, cementing its position as the largest shareholder in the Indian company.
The Mittal family owns just under a 30% effective stake in Airtel, largely by virtue of its 51% stake in Bharti Telecom.
Singtel to buy 7.39% more in Bharti Telecom for $659 million - Livemint