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| Singtel says it would remain strategic partner in Bharti |
| Press Trust of India / New Delhi May 25, 2009, 19:29 IST |
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Singaporean telecom major Singtel, 30 per cent share holder in Bharti Airtel, today said it will remain "strategic partner" in the Indian company which has opened talks with South African MTN for a possible creation of $20-billion combined entity.
"Talks between Bharti and MTN are in early stages. Singtel, a major existing shareholder of Bharti, will continue to be a strategic partner and a significant shareholder, after the implementation of the potential transaction," a Singtel spokesperson told PTI over phone today.
When asked the spokesperson refused to comment if Singtel would provide any assistance to Bharti in the potential deal with MTN.
Singtel at present holds 30.44 per cent stake in Bharti.
Bharti and MTN have signed an agreement to hold exclusive talks for a deal that could include 10 billion dollars in cash and 13 billion dollars in shares and see emergence of a combined entity of 20 billion dollars in terms of revenue and 200 billion subscribers globally.
As part of the proposed deal, Bharti would acquire 49 per cent stake in the South African player, while MTN would buy a 36 per cent stake in the Indian firm.
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