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Singtel says it would remain strategic partner in Bharti

Singtel says it would remain strategic partner in Bharti
PTI
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First Published: Mon, May 25 2009. 07 49 PM IST
Updated: Mon, May 25 2009. 07 49 PM IST
New Delhi: Singaporean telecom major Singtel, 30% share holder in Bharti Airtel, Monday said it will remain “strategic partner” in the Indian company which has opened talks with South African MTN for a possible creation of $20-billion combined entity.
“Talks between Bharti and MTN are in early stages. Singtel, a major existing shareholder of Bharti, will continue to be a strategic partner and a significant shareholder, after the implementation of the potential transaction,” a Singtel spokesperson told PTI over phone today.
When asked the spokesperson refused to comment if Singtel would provide any assistance to Bharti in the potential deal with MTN.
Singtel at present holds 30.44% stake in Bharti.
Bharti and MTN have signed an agreement to hold exclusive talks for a deal that could include $10 billion in cash and $13 billionin shares and see emergence of a combined entity of $20 billion in terms of revenue and 200 billion subscribers globally.
As part of the proposed deal, Bharti would acquire 49% stake in the South African player, while MTN would buy a 36% stake in the Indian firm.
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First Published: Mon, May 25 2009. 07 49 PM IST
More Topics: Bharti | Singtel | MTN | Telecom | South Africa |