Idea - Spice Merger Complete; Telekom Malaysia To Hold 14.99% Stake
By Cerius Shah - Wed 25 Jun 2008 12:44 PM PST
The deal is finally over with, Idea has bought the Modi’s 40.80 stake in Spice Communications at Rs 77.30 a share. The stake, valued at Rs 2,175 crore will see a non-compete fee of Rs 544 crore paid to the Modi’s. Additionally, Telekom Malaysia will not hold more than 20% stake in the new entity according to Idea Chairman, K.M. Birla, in this ET report. Idea plans to to spend Rs 10,000 crore ($2.3 billion) over two years and the company does not plan any further acquisitions. Our previous coverage with details on merger here.
Posted in: Mergers & Acquisitions, Mobile, Operators, Idea Cellular, Spice
