Idea Cellular has announced acquisition of rival mobile operator Spice Communications in a deal entailing purchase of a 40.8 per cent stake for over Rs. 2,700 crore in shares and cash.
Besides, Idea will also make an open offer, along with Telekom Malaysia, to acquire a further 20 per cent stake in Spice for over Rs. 1,000 crore, while the Malaysian firm would be alloted over 46.4 crore Idea shares on preferential basis for about Rs. 7,300 crore.
Idea will also pay Rs. 543.97 crore as a non-compete fee to Mcorpglobal.
Idea, along with Telekom Malaysia and its subsidiaries as persons acting in concert (PACs), will also make an open offer for an additional 20 per cent stake in Spice.
Idea said that the merger of Spice with itself would be based on an exchange ratio of 49 Idea shares for every 100 shares of Spice, which would be subject to all regulatory approvals, including the Department of Telecommunications.
Idea Cellular Buys 40.8% Stake in Spice Communication
By: PTI
| Jun 26, 2008
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