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Mergers & Acquisitions | 8 February 2012

Batelco To Sell STel Stake To Indian Partner

by Irfan Khan
Batelco To Sell STel Stake To Indian Partner
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Batelco is selling it's 42.7% holding in S Tel to it's partner Sky City Foundation for $175Mn. The sale is expected to be completed by the fourth quarter of this year.

The company had acquired the 42.7% equity in STel via two transactions in May and June 2009 for a total of $174.5Mn.

S Tel Private Limited incorporated on June 19, 2007, is a JV between the Siva Group and Batelco Millenium India Company Ltd., a subsidiary of Bahrain Telecommunications Company. S Tel obtained Unified Access Services Licences to operate in the six Category 'C' circles of Orissa, Bihar, Himachal Pradesh, North-East, Assam and J&K in January 2008.

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