Bharti Airtel and MTN talking on merger deal
Indian Telecom major Bharti Airtel and South African telecom company MTN are talking on merger deal.
As reported by release, Bharti will look for 49% stake in Africa's largest telco MTN with gross sales above $20 billion and more than 200 million subscribers.
This deal for merger between two companies will include 10 billion dollars in cash and 13 billion dollars in shares.
Last year Reliance Communications failed to finalise any deal with MTN. Also, Bharti Airtel tried to merge with MTN last year during May.
If deal is finalised, Bharti would adopt 36% of currently issued share capital of MTN with ZAR 86.00 in cash and 0.5 new shares of Bharti.
As the announcement came, Bharti shares dipped Rs 46.45 or 5.4 % and closed at Rs 811 on BSE.