Indian jumbo IPO turns into M&A blockbuster

Vodafone is unlikely to proceed with the planned flotation of its Indian unit after entering negotiations to sell the assets to Idea Cellular.

Indian jumbo IPO turns into M&A blockbuster

India’s biggest IPO is turning into a billion-dollar merger opportunity after British telecommunications giant Vodafone said it is in talks to merge its Indian unit with local mobile operator Idea Cellular.

Vodafone’s statement this week ended bankers’ hopes of the flotation of Vodafone India and the massive underwriting fees that would come with it. Some analysts had estimated that the IPO could raise as much as $4 billion. That would make it the country’s...

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