India’s Bharti Infratel, Indus Towers to merge

Bharti Airtel, which owns a 53.5 percent stake in Bharti Infratel, said it will consider a strategic stake sale in Indus Towers post-merger. (Reuters)
Updated 25 April 2018
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India’s Bharti Infratel, Indus Towers to merge

BENGALURU: India’s Bharti Airtel approved the merger of Indus Towers Ltd. with its mobile masts operator unit Bharti Infrate, creating the largest tower company outside China by number of towers, the carrier said on Wednesday.
Shareholders of Indus Towers will get 1,565 shares of Bharti Infratel for every share held, valuing Indus Towers at an enterprise value of 715 billion rupees ($10.74 billion).
Vodafone Group, Idea Group and Providence Equity Partners have agreed to merge their holdings in Indus Towers into Bharti Infratel, creating a combined company that will be owned by Bharti Airtel and Vodafone with equal rights, the companies said in a joint statement.
Pro forma for the transaction, the combined company’s equity value will be 965 billion rupees ($14.50 billion), they said.
The deal is expected to close before March 31, 2019 and the combined company, which is to be named as Indus Towers Ltd, will be listed on Indian stock exchanges.
Bharti Airtel, which owns a 53.5 percent stake in Bharti Infratel, said it will consider a strategic stake sale in Indus Towers post-merger.
The board of the combined company will have 11 members — three each from Bharti Airtel and Vodafone, one from KKR or Canada Pension Plan Investment Board and four independents (including the chairman), the companies said.


Uber proposals value company at $120bn in a possible IPO

Updated 16 October 2018
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Uber proposals value company at $120bn in a possible IPO

  • Goldman Sachs Group Inc. and Morgan Stanley last month delivered the valuation proposals to Uber
  • Uber did not immediately respond to a request for comment

LOS ANGELES: Uber Technologies Inc. recently received proposals from Wall Street banks valuing the company at as much as $120 billion in an initial public offering that could take place early next year, the Wall Street Journal reported on Tuesday.
Goldman Sachs Group Inc. and Morgan Stanley last month delivered the valuation proposals to Uber, the report said, citing people familiar with the matter.
Uber did not immediately respond to a request for comment.