Singtel ups Bharti stake
Singapore Telecommunications Ltd (Singtel) will acquire 7.39 per cent stake in Bharti Telecom Ltd, the holding company of India’s largest telecom firm Bharti Airtel, for US$659.5 million, taking over from the city state’s investor Temasek.
The transafer of Temasek’s stake to Singtel is part of strategy to bring all telecom assets worldwide under the Singapore government entity.
Bharti Telecom holds 45.09 per cent in Mumbai-listed Bharti Airtel Ltd (BAL).
The Mittal family has 51 per cent stake in Bharti Telecom while Singtel held 39 per cent stake, having invested since 2000.
Singtel is also acquiring Temasek’s stake in Intouch, the biggest shareholder in Thailand’s largest mobile operator Advanced Info Services Public Company Ltd (AIS).
Bharti Telecom is the holding company of Bharti Airtel Limited (Airtel), India’s largest telecommunications company which has operations in 18 countries across South Asia and Africa.
Thailand and India are fundamentally attractive markets which are reaping the benefits of rapidly increasing smartphone penetration and mobile data adoption by a growing middle class, said a Singtel statement.
“Both AIS and Airtel are well-positioned to benefit from these trends. The recent mobile spectrum auctions in Thailand and ongoing industry consolidation in India have strengthened their competitive positions. They have also built for the future, securing significant spectrum for the long term and investing extensively in 3G and 4G networks and services,” it said.
Singtel sees Thailand, India and Africa as high-growth markets, saying it enjoys great synergies, economies of scale, and collaborative innovation. fii-news.com
