Etisalat buys 45% stake in Indian mobile operator
Etisalat has agreed to acquire approximately 45% of Swan Telecom Private Limited, a recently licensed mobile operator in India. Under the agreement, the UAE-based telecom operator is subscribing to newly issued shares for a cash consideration of up to $900m, implying a post-money equity value for 100% of the company. Swan Telecom holds universal access service licences in 13 telecom service areas in India, and is in the process of acquiring UASL licences in an additional 2 telecom service areas. Together these licences enable the company to provide a full spectrum of telecom services, including GSM services, covering a population of over 900 million across India.