Bharti Infratel Approves Merger With Rival Tower Owner Indus
- Combination set for completion years after 2018 agreement
- Debt-strapped carrier Vodafone Idea to get $549 million
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Bharti Infratel Ltd., the wireless phone tower firm controlled by India’s No. 2 carrier, approved a merger with rival Indus Towers Ltd. in a deal that includes paying about 40 billion rupees ($549 million) for stakes owned by debt-strapped mobile operator Vodafone Idea Ltd.
Shareholders of Bharti Infratel will own 68.6% of the combined entity, while Vodafone Group Plc, the U.K.-based partner of Vodafone Idea, will own 28.2%, the affiliate of Bharti Airtel Ltd. said Tuesday in a statement. The percentages are subject to change based on closing adjustments.