April 25, 2018 / 2:50 AM / 4 months ago

BRIEF-Bharti Infratel Announces Merger With Indus Towers

April 25 (Reuters) - Bharti Infratel Ltd:

* ANNOUNCES MERGER OF BHARTI INFRATEL AND INDUS TOWERS

* TRANSACTION VALUES INDUS TOWERS AT AN ENTERPRISE VALUE OF 715 BILLION RUPEES

* COMBINED COMPANY, WHICH WILL FULLY OWN BUSINESSES OF CO AND INDUS TOWERS, WILL CHANGE ITS NAME TO INDUS TOWERS LIMITED

* BHARTI AIRTEL AND VODAFONE WILL JOINTLY CONTROL THE COMBINED COMPANY

* BHARTI AIRTEL AND VODAFONE WILL HAVE EQUAL RIGHTS IN THE COMBINED COMPANY

* BHARTI AIRTEL AND VODAFONE HAVE AGREED A CAPITAL STRUCTURE AND DIVIDEND POLICY WHICH IS EXPECTED TO BE IMPLEMENTED POST COMPLETION

* BOARD OF COMBINED CO WILL COMPRISE OF 11 DIRECTORS, OF WHOM THREE WILL BE APPOINTED BY EACH OF BHARTI AIRTEL AND VODAFONE

* PROVIDENCE HAS OPTION TO ELECT TO GET CASH/SHARES FOR 3.35 PERCENT OF 4.85 PERCENT STAKE IN INDUS TOWERS WITH BALANCE EXCHANGED FOR SHARES

* PRO FORMA FOR THE TRANSACTION, THE COMBINED CO’S EQUITY VALUE WOULD BE 965 BLN RUPEES Source text: bit.ly/2JrCYNQ Further company coverage:

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