Technology Industry
Industry: Email Alert RSS FeedVodafone shells out $11.1B for Indian carrier.(Upfront)
RCR Wireless News, February, 2007
Byline: KELLY HILL International operator Vodafone Group plc has agreed to acquire a majority interest in Indian mobile operator Hutchison Essar Ltd. for $11.1 billion-however, whether a major shareholder will cooperate is unclear. Vodafone said it had reached the multibillion-dollar deal to acquire companies that control a 67-percent interest in Hutch Essar from Hutchison Telecom International Ltd.
Vodafone said that it would offer to buy out the Essar Group's 33-percent interest in the wireless carrier at the same price it offered HTIL, and that arrangements with other minority holders would result in a post-acquisition shareholder structure that meets India's requirements for foreign ownership. But Reuters India reported that the Essar Group...
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