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Industry: Email Alert RSS FeedTelenor ASA to acquire 60% stake in Unitech Wireless
Telecomworldwire, Oct 29, 2008
TELECOMWORLDWIRE-29 October 2008-Telenor ASA to acquire 60% stake in Unitech Wireless(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian telecomms group Telenor ASA (OSE:TEL) said on Wednesday (29 October) that it has entered into a definitive agreement to subscribe to new shares in Unitech Wireless for a consideration equivalent to USD1,070m.
Subject to regulatory approvals, Telenor will hold a 60% controlling stake in Unitech Wireless, the company said.
The initial equity injection in Unitech Wireless will be made by Telenor Asia Pte Ltd in four tranches to be completed before the end of September 2009.
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Unitech Wireless has pan-Indian telecommunications licences in all 22 telecom circles, and plans to launch its services in mid-2009.
Telenor is a mobile operator, with nearly 83m subscribers in 12 countries, and a provider of television services in the Nordic region. Telenor has some 27,600 employees and annual revenues of nearly NOK70bn.
((Comments on this story may be sent to tww.feedback@m2.com))
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