Providence values Indian telco at $3.2 billion

The private equity firm pays $640 million to buy 20% of Aditya Birla Telecom, an Idea Cellular subsidiary.

Aditya Birla Telecom ABT has sold a 20% stake in the company to private equity firm Providence Equity Partners for $640 million.

The deal values ABT, an Indian wireless communications company and a wholly owned subsidiary of Idea Cellular, on an equity value basis at $3.2 billion. ABT owns the telecom license for the Bihar service area, which comprises the Indian states of Bihar and Jharkand and has the second highest population among all of India's service areas. ABT...

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