Sunday, Dec 12, 2004
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By Our Staff Correspondent
MUMBAI, DEC. 11. Singapore Technologies Telemedia (STT) and TM International, the international investment arm of Telekom Malaysia, as a consortium, have entered into definitive agreements to acquire 47.7 per cent stake in Idea Cellular for a consideration of about $390 million. Under the terms of the agreements, the consortium will acquire the entire stake from Cingular Wireless and simultaneously infuse additional capital into Idea. Earlier today, the consortium structured as a 60:40 joint venture with ST Telemedia holding 60 per cent and TM International holding 40 per cent, entered into agreements with Idea and its three largest shareholders — Cingular Wireless, Tata Industries and the Aditya Birla Group. Upon completion of the transaction, the consortium will become the single largest shareholder of Idea with a 47.7 per cent stake. The transaction is expected to be completed in the first quarter of 2005. The Indian shareholders will continue to collectively own a majority 51 per cent stake comprising the Aditya Birla Group with 26.3 per cent and Tata Industries with 24.7 per cent. In addition, the consortium and the Indian shareholders have entered into an option agreement that enables Tata Industries and the Aditya Birla Group to sell and the consortium to purchase their shares in Idea in future, subject to certain conditions being met.
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