bharti-makes-another-play-for-mtn

Bharti makes another play for MTN

The leading Indian telecom company proposes a share swap estimated at $23 billion to combine its operations with those of South African telecom major MTN.

Leading Indian telecommunications company Bharti Airtel yesterday announced that it is once again exploring the potential of a merger with South Africa's MTN Group almost exactly one year after Bharti aborted takeover talks for MTN. Bharti and MTN have signed an exclusivity agreement that will last until July 31.

We see real power in the combination and we will work hard to unleash it for all our shareholders, Sunil Bharti Mittal, chairman and managing director of Bharti, said in a written statement.

The deal structure currently envisaged is a shareholding swap, which will see Bharti acquire a 49% stake in MTN, while MTN and its shareholders will acquire a 36% economic interest in...

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