Vodafone completes acquisition of Hutch Essar

Vodafone completes acquisition of Hutch Essar
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First Published: Wed, May 09 2007. 11 37 AM IST
Updated: Wed, May 09 2007. 11 37 AM IST
PTI
London: Vodafone, the leading mobile network operator, has announced that it has completed the acquisition of Hutch Essar.
Vodafone will pay $10.9 billion (Rs44,591 crore) in cash to Hutchison Telecommunications International Limited (HTIL), reflecting retention and closing adjustments agreed between them.
Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone said, “I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration. India is a tremendously exciting, fast moving market and I am confident that the Hutch Essar business will make a major contribution to the Vodafone Group over the coming years.”
He added: “I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration.
“India is a tremendously exciting, fast moving market and I am confident that the Hutch Essar business will make a major contribution to the Vodafone Group over the coming years,” he added.
HTIL Chairman Canning Fok said, “today marks the conclusion of an outstandingly successfulful venture for Hutchisson Telecom.
“I want to thank our management, my colleugues at Hutchisson-Essar and our many associates and friends in India for their contribution over the years building this world class enterprise. I wish them every success in the future,” he said.
The Board of Directors of HTIL is expected to declare a special dividend of 6.7 Hong Kong dollars per share following the completion of necessary formalities, HTIL said in a release on its website adding the details of the payment arrangement will be announced soon.
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First Published: Wed, May 09 2007. 11 37 AM IST
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