By Neil Jerome Morales
The third license, which could be awarded by year-end, comes at the behest of Philippine President Rodrigo Duterte and aims to boost the country’s notoriously patchy services and end a domestic duopoly long accused of being uncompetitive.
The announcement came after the company’s African arm completed raising a fresh equity issue worth $1.25 billion from six leading global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International.
Post acquisition, ATC will hold an ownership interest of approximately 79 per cent in its India operations.
The investment would help Airtel Africa pare its debt of approximately $5 billion and help it grow its African operations.
CK Hutchison is replenishing its funds after spending 2.45 billion euros ($2.8 billion) earlier this year to buy out partner Veon Ltd.’s stake in their Italian wireless venture.
The deal follows a similar stake purchase in Cellnex by Abu Dhabi sovereign wealth fund ADIA last week.
Malaysia’s biggest wireless carrier received an offer from Singapore Press Holdings Ltd and Keppel Corp to buy out its stake in M1 Ltd.
Axiata is in talks to team up with PE firms and other companies as it considers options to launch its own offer for a bigger stake in M1.
The company helmed by billionaire Anil Ambani is negotiating with two investors who are conducting due diligence.
The unit, edotco, recently cancelled a $940-million deal to acquire 13,000 towers from a unit of Pakistan Mobile Communications as regulators failed to provide all approvals for the transaction to go through.