Bharti Telecom increases stake in Airtel to 39.59 per cent (India)
Bharti Telecom Limited has increased its stake in Bharti Airtel to 39.59 per cent by acquiring an additional 1.35 per cent stake from another promoter group entity, Indian Continent Investment Limited (ICIL), through a Rs 83.01 billion block deal. With this, ICIL’s stake in Airtel has dipped to 4.56 per cent.
CCI approves Atlas 2022 Holdings’ proposed acquisition to increase shareholding in the Vodafone Group
The Competition Commission of India (CCI) has approved the proposed acquisition by Atlas 2022 Holdings Limited to increase its shareholding in the Vodafone Group Plc. The proposed acquisition aligns with Atlas’s goal to increase its voting rights/shareholding in Vodafone from the existing 14.6 per cent to less than 25 per cent in the Vodafone Group through a series of on-market and/or off-market transactions.
Airtel initiates IPO for its subsidiary, Bharti Hexacom
Airtel has initiated the preliminary stages of the initial public offering (IPO) for its subsidiary, Bharti Hexacom. Airtel owns a 70 per cent stake in the company, while the government owns the remaining 30 per cent through Telecommunications Consultants of India Limited. Bharti Hexacom’s valuation is expected to stand at Rs 300 billion, and the government expects to fetch around Rs 100 billion from a potential sale of its 30 per cent stake in Bharti Hexacom.
I Squared Capital finalising terms to acquire 65 per cent stake in ATC’s India unit
US-based I Squared Capital is finalising the terms to acquire around 65 per cent stake in the American Tower Corporation’s (ATC) India unit, ATC Telecom Infrastructure Private Limited, at an enterprise value of $1.5 billion-$1.75 billion. ATC had originally planned to divest 50 per cent of its India operations and had mandated Citi to advise on the divestment. However, potential investors were not keen on a co-control model, forcing ATC to revise its plan and agree on relinquishing majority ownership.
Airtel’s committee of directors approves allotment of 1.42 million equity shares to FCCB holders
Airtel’s committee of directors has approved the allotment of 1.42 million fully paid-up equity shares at a conversion price of Rs 518 per equity share to certain foreign currency convertible bond (FCCB) holders. This follows the receipt of notice for conversion of FCCBs of principal value of $10,188,000 from the FCCB holders. As per a regulatory filing, this is in reference to the $1,000 million 1.5 per cent convertible bonds due in 2025 issued by the company, convertible into fully paid-up equity shares of Rs 5 each at any time on or after February 27, 2020, and up to February 7, 2025, at the option of the FCCB holders. The outstanding principal value of FCCBs, as listed at Singapore Exchange Limited, has reduced to $577.506 million.
AWN completes acquisition of 3BB and JASIF (Thailand)
The Advanced Wireless Network Company (AWN), a 99.99 per cent subsidiary of Advanced Info Service (AIS), has completed the acquisition of Triple T Broadband (3BB). In addition, AIS has completed the acquisition of investment units in the Jasmine Broadband Internet Infrastructure Fund (JASIF). As a result, 3BB has become a subsidiary of AWN and AIS holds a 19 per cent stake in JASIF. The total settlement value of the transaction was THB 28.371 billion ($798 million).
Uganda to borrow $150 million from China to finance development of its national data backbone infrastructure (Uganda)
The Government of Uganda plans to borrow $150 million from the China Export-Import Bank to finance the supply, installation and commissioning of the country’s national data backbone infrastructure. The financing agreement follows the suspension of new funding worth $481 million by the World Bank in August 2023.
Five telcos to acquire 70 per cent stake in DNB (Malaysia)
According to Malaysia’s Ministry of Communications and Digital, five mobile operators – CelcomDigi, Maxis, Telekom Malaysia, U Mobile and YTL Communications – will acquire a 70 per cent stake in Digital Nasional Berhad (DNB), each holding 14 per cent, with the remaining 30 per cent to be held by the government. Each operator will pay around MYR 233 million ($50 million) for its stake and the cash inflow will be used by DNB to meet its funding requirements.
Mitratel buys 803 telecom towers from Gametraco (Indonesia)
Dayamitra Telekomunikasi (Mitratel) has purchased 803 telecom towers from Gametraco Tunggal for a cash consideration of $113 million. The acquisition equates to around 1,327 new tenants for the towerco. The latest deal follows its recent purchase of 967 km of fibre optic lines spanning from Jakarta to Central Java for $5 million.
MTN Group receives tenders worth $351.1 million for outstanding Eurobond notes; reduces foreign debt (South Africa)
The MTN Group has received tenders worth $351.1 million for outstanding Eurobond notes (roughly worth $375 million issuance set to mature in November 2024). The operator claimed that the settlement of these tenders will improve its foreign debt by moving it away from the volatility of non-rand-denominated currencies.
