With a total investment of around USD1.84 billion for acquiring the shares, Bharti Telecom from India and Intouch Holdings from Thailand said Singtel in a statement. The Singapore-based company will see a gain of 21 percent Intouch shares and 7.39 percent shares of Bharti in this all cash transaction. The deal is yet to get approved by the shareholders and regulatory approvals. In order to inflate its presence in the high-performing associates in the region, the company has made the move.
In Thailand’s largest mobile operator Advanced Info Service Intouch was been affiliated with Singtel since 1999. The company has also acquired shares previously in 2000 from Bharti’s Teleco business, Bharti Airtel. Across Asia and Africa, the company has a mobile customer base of more than 380 million said, Chua Sock Koong, Singtel Group CEO. He further added that this move being the opportunity for them to make a deeper relationship with two of the great market leaders.
Chua addressed the Asian markets as attractive and demanding along with Africa. He said India and Thailand were attractive markets that have experienced an increasing mobile data adoption and smartphone penetration among its middle class.