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Bharti Airtel shares soar as much as 11% on Telenor acquisition

LiveMint logoLiveMint 23-02-2017 PTI

New Delhi: Shares of Bharti Airtel on Thursday rose as much as 11% to a one-year high after the telecom operator said it will acquire the business of Telenor India for an undisclosed sum in all seven circles where it holds spectrum.

The stock surged 10.93% to Rs 400.65—a 52-week high —on BSE. At NSE, shares of the company soared 11% to a one year peak of Rs 401.

Airtel on Thursday said it has “entered into a definitive agreement with Telenor South Asia Investments Pte Ltd to acquire Telenor (India) Communications Private Limited.”

Also Read| Airtel buys Telenor India in seven circles

In a separate statement, the Norwegian multinational Telenor said that the transaction will not trigger any impairment.

“As of fourth quarter 2016, the remaining value of tangible and intangible assets in Telenor India amounted to NOK 0.3 billion. The transaction is expected to close within 12 months,” Telenor said.

Airtel is India’s largest wireless operator with over 269 million subscribers and a revenue market share of over 33%.

As the new owner, Airtel will take over Telenor India’s spectrum, licenses and operations, including its employees and customer base of 44 million.

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