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      • Vodafone-Idea combine to take on...
      Business

      Vodafone-Idea combine to take on Reliance Jio; 5 Things You Need To Know

      Vodafone India and Idea dial M for merger in their bid to tackle Reliance Jio head on.

      By - A Staff Writer |
      Published -  20 March 2017 12:37 PM IST
    • Boomlive

      Vodafone-Idea combine to take on Reliance Jio; 5 Things You Need To KnowThe much anticipated mega telecom merger between Vodafone Plc’s India unit and Idea Cellular was announced on Monday. The deal is the latest in a wave of consolidation that has gripped the industry to tackle Reliance Jio that is bleeding out rivals with its aggressive discounting. Here are 5 things you need to know.

      Vodafone Plc, the world's second-largest cellphone operator, will combine its subsidiary Vodafone India (excluding its 42 percent stake in Indus Towers) with Idea. Vodafone India will be deconsolidated by the parent company.

      The deal will create India’s largest telecoms operator with the country’s widest mobile network and with almost 400 million customers, or 35 percent market share.

      Vodafone will own 45.1 percent of the combined entity, after it transfers about 4.9 percent to promoters of Idea for about 39 billion rupees in cash. The Aditya Birla Group will own 26 percent of the combined company and will have the right to buy more shares from Vodafone with a view to equalising the shareholding over time.

      Vodafone said the implied enterprise value of the deal is 828 billion rupees ($12.4 billion) for Vodafone India and 722 billion rupees ($10.8 billion) for Idea excluding its stake in Indus Towers.

      The deal is expected to close during calendar year 2018, subject to regulatory approvals

      Tags

      dealidea cellularIndiaMergerTelecomVodafonevodafone plc
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