Sistema set to buy Aircel for $3 bn in largest telecom deal since Vodafone-Hutch buyout
Russia's SistemaJSFC is close to acquiring a controlling stake in Aircel Communications for around $3 billion (Rs 16,000-17,000 crore), making this one of the largest transactions in the telecom sector since Vodafone bought Hutchison Essar for $11.7 billion in 2007.
Two persons familiar with the development said Sistema would buy into Aircel's parent company based overseas with rights to have the Indian arm transferred to it after an ongoing restructuring process is completed. Malaysia's Maxis Communications owns 74% stake in Aircel through multiple entities, which are being consolidated into a single company.
Aircel's spokesman said the company was not aware of such a development. The Russian company's Indian arm, Sistema Shyam TeleServices, said it believed the talk of engaging with other telecom service providers for a possible deal was motivated. "The immediate priority is to seek clarity on spectrum-related regulations from the government and also look at the outcome of the curative petition filed in the Supreme Court," said a company spokesman.
Russia's SistemaJSFC is close to acquiring a controlling stake in Aircel Communications for around $3 billion (Rs 16,000-17,000 crore), making this one of the largest transactions in the telecom sector since Vodafone bought Hutchison Essar for $11.7 billion in 2007.
Two persons familiar with the development said Sistema would buy into Aircel's parent company based overseas with rights to have the Indian arm transferred to it after an ongoing restructuring process is completed. Malaysia's Maxis Communications owns 74% stake in Aircel through multiple entities, which are being consolidated into a single company.
Aircel's spokesman said the company was not aware of such a development. The Russian company's Indian arm, Sistema Shyam TeleServices, said it believed the talk of engaging with other telecom service providers for a possible deal was motivated. "The immediate priority is to seek clarity on spectrum-related regulations from the government and also look at the outcome of the curative petition filed in the Supreme Court," said a company spokesman.