Vodafone to sell Bharti Airtel stake
Vodafone (New York Stock Exchange: VOD) has put its 4.39% indirect stake in India’s Bharti Airtel up for cut-rate sale in a move which could potentially lift $2 billion for the troupe.
Vodafone brought an indirect 4.39% stake in Bharti Airtel through Bharti Enterprises Private, and a 5.61% direct stake from buck private equity firm Warburg Pincus LLC. This move gave Vodafone decade of Airtel for which they paid $1.5 one thousand million. Later on in 2007, Vodafone acquired a controlling post in rival hustler – Hutchison Essar, after which it has sold the direct post of Bharti Airtel to the Bharti Group for $1.6 one thousand million.
In that sense, the Big Red now wants to get rid of the ease of its Bharti Airtel’s stake, and potential purchaser is Republic of Singapore’s SingTel, which recently increased stake in the hustler. SingTel’s representatives, however, declined to comment.
Vodafone’s Vittorio Colao commented to the Economic Times: “No company volition be happy with a small nonage post in another entity. If anybody is interested in buying our stake, we are for it.”
[Via: CellularNews]
Tags: asia, bharti airtel, india, singapore, singtel, stake, telecom operator, vodafone
Leave a Reply