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Singtel to acquire shares of Intouch Holdings and Bharti Telecom from Temasek

Singtel entered into conditional share purchase agreements with Temasek to acquire 21% of Intouch Holdings Public Company and 7.39% of Bharti Telecom promoter company of Bharti Airtel for a total consideration of S$2.47 billion. The acquisitions will be settled fully in cash.

This transaction will be funded through internal cash, short-term debt and proceeds from a share placement of 386 million new Singtel shares to Temasek totalling S$1.605 billion at a price of S$4.16 per new share. The acquisitions of the stakes in Intouch and Bharti Telecom, as well as the share placement are subject to minority shareholder and regulatory approvals. The acquisitions and share placement are interdependent and have to close at the same time.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

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