SREI Infocomm Services Limited plans to buy 60% stake in Luxembourg-based Millicom’s tower assets in Tanzania for around Rs 400 Cr.
Millicom has about 1100 towers and the company is valued at Rs. 6000-6500 Cr.
SREI will bring in a local partner for the deal and is likely to fund the deal from the money its subsidiary Quippo will get by divesting an 11% in Viom to institutional investors for Rs. 1,420 Cr.
Transaction Reference: Indian Express
Srei Infocomm is the telecom subsidiary of Srei Infrastructure Finance Ltd. In June 2008, Srei acquired Controlla Electrotech Pvt Ltd and formed Srei Infocomm Services as a step-down subsidiary.
Millicom is a Nasdaq-listed telecom services provider (known for brand Tigo across Europe and the US) in countries spanning across Africa and the US.
After having had talks with many prospective suitors across the globe, Millicom has finally closed in on Srei as the latter is willing to offer 40% stake in the entity post deal - a condition laid by Millicom for the buy-out.
Recently, Bharti Airtel took control of Zain's operation is 15 African countries. Looks like Indian telecom companies are now consciously looking at African market.
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3836
944
4256
972
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3002
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458
3139
32625
140
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24534
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 19/08/10 |
Millicom Tower Assets - Srei Infocomm |
M&A |
SREI Infocomm Services Limited |
86.26 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 07/05/12 |
Private Equity |
Looking For |
Kavveri Telecom Infrastructure Limited |
20.00 |
Planned |
| 16/04/12 |
Private Equity |
GIC Special Investments Pte Limited |
Tulip Telecom Limited |
- |
Completed |
| 11/04/12 |
M&A |
Bharti Airtel Limited (Formerly Bharti Televentures Limited) |
4G Licenses |
1164.82 |
Planned |
| 15/03/12 |
M&A |
Spreadtrum Communications |
Micromax Informatics Limited |
10.00 |
Completed |
Company |
| Name | Promoters | Office | Competitor | Website |
| SREI Infocomm Services Limited |
SREI Infrastructure Advisors Limited |
Vishwakarma, 86C Topsia Road (S), Kolkata - 700046, West Bengal. |
Tulip Telecom Limited
Spectra Net Limited |
|
