Singtel has announced its plans to acquire 21% of Intouch and 7.39% of Bharti Telecom from Temasek for S$2.47 billion to broaden access to the fast-growing wireless markets in Asia and Africa.
Intouch is the biggest shareholder in Thailand’s largest mobile operator Advanced Info Services(AIS), while Bharti Telecom is the holding company of Bharti Airtel (Airtel), India’s largest telecommunications company which has operations in 18 countries across South Asia and Africa.
AIS and Airtel have been associates of the Group since Singtel acquired stakes in these businesses in 1999 and 2000 respectively. Through these acquisitions, Singtel will increase its economic interests in AIS and Airtel.
The acquisitions are in line with the Group’s long-term strategy to increase its exposure to high-performing associates in its portfolio of leading telecom businesses in the region. Thailand and India are fundamentally attractive markets which are reaping the benefits of rapidly increasing smartphone penetration and mobile data adoption by a growing middle class, said Singtel.
Both AIS and Airtel are well-positioned to benefit from these trends. The recent mobile spectrum auctions in Thailand and ongoing industry consolidation in India have strengthened their competitive positions. They have also built for the future, securing significant spectrum for the long term and investing extensively in 3G and 4G networks and services.
Chua Sock Koong, Singtel Group CEO
Singtel has been a strategic partner to both AIS and Airtel for more than 15 years. We have built deep and trusted relationships, worked well together through the years, sharing knowledge and expertise and we have grown together, from strength to strength.
