"The aggregate cash consideration for the transactions is expected to be Rs 78.5 billion, or approximately $1.2 billion at current exchange rates, subject to customary closing adjustments", said the U.S. based tower company that had earlier acquired Viom Networks, another Indian tower company.
Vodafone has agreed to sell its Indian mast and towers business in a deal worth $1.2bn (£900m), it was announced this morning.
"The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion", the statement read. Idea Cellular Infrastructure Services Ltd, a unit of Idea Cellular, had around 9,900 towers with a tenancy ratio of 1.80 as of 30 September 2017.
Telecom operator Idea Cellular on Monday reported a consolidated net loss of Rs 1,106.8 crore for the second quarter of the current fiscal.
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"Both Vodafone India and Idea as customers, and ATC TIPL as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements".
Under this merger, Vodafone India will get an implied enterprise value of Rs. 82,800 crores and Idea Rs. 72,200 crores.
"We are expecting this transaction and Vodafone merger to happen around the same time", Himanshu Kapania, managing director of Idea, told CNBC TV 18 on Monday.
Will Vodafone be able to survive post- merger?
The company's average revenue per user, including voice and data services, plunged 24% to 132 rupees, while average realization per minute slumped 39%.
India's network operators are rushing to consolidate amidst a year-long price war sparked by the entry of new competitor Reliance Jio with a brand new 4G broadband network financed by the country's richest man Mukesh Ambani. Jio's pricing strategy has hurt rivals' profits as they try to match low tariffs and also pushed some carriers to consolidate operations.
Korea joint exercise in Sea of Japan gets underway
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Cryptocurrency Revenue Plunges For NVIDIA Corporation (NVDA)
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New Star Wars trilogy, TV series announced
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14 drown as boat capsizes in Krishna river
Andhra Pradesh Chief Minister Chandrababu Naidu has expressed his condolences to the bereaved family. The boat with around 38 persons was heading to the Pavitra Sangamam Ferry ghat near Ibrahimpatnam.