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Indus Towers-Bharti Infratel merger receives CCI nod

July 02, 2018

Bharti Infratel has received approval of the Competition Commission of India (CCI) for its proposed merger with Indus Towers Limited.

Earlier in April 2018, Bharti Airtel, Idea Cellular and Vodafone Group had announced an agreement for merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas.

The combined company will own 100 per cent of Indus Towers, which is currently jointly owned by Bharti Infratel (42 per cent holding), Vodafone (42 per cent), Idea Group (11.15 per cent) and Providence (4.85 per cent).

Post the deal, Bharti Airtel and Vodafone will jointly control the combined company, and the transaction is expected to close before the end of 2018-19, subject to statutory approvals.

The deal gives Idea Group an option to sell its 11.5 per cent stake in Indus Towers for cash or in lieu of receiving new shares.

 
 

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