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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group plc    VOD   GB00BH4HKS39

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Vodafone : Agrees to Merge India Unit With Idea Cellular

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03/20/2017 | 06:07am CET
   By Kenan Machado 
 

Vodafone Group PLC (>> Vodafone Group plc) has reached a deal to merge most of its Indian operations with the country's third-largest mobile operator, Idea Cellular Ltd. (532822.BY).

The planned combination would create India's largest wireless-network operator with almost 400 million customers and bolster Vodafone's position in one of the world's fastest-growing telecom markets. In India, rising costs and fierce competition have weighed on the finances of industry players.

Idea's market value has been around $6 billion following a 50% stock surge this year on merger speculation. Vodafone will initially own 45% of Idea after the merger. The companies plan to save about $2 billion annually by the fourth year after the merger.

Vodafone's 42% stake in Indus Towers isn't part of the deal.

Competition in India's wireless market ratcheted up last year after the introduction of free mobile calling through an entity created by India's richest man, Mukesh Ambani. After months of the no-cost service, Reliance Jio Infocomm Ltd. recently started charging customers for plans starting as little as $2.30 a month for unlimited calls and texts with 4G data.

Idea's stock was up 3.7% in morning trade on Monday.

Write to Kenan Machado at kenan.machado@wsj.com

Stocks mentioned in the article : Vodafone Group plc
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Financials (€)
Sales 2017 53 812 M
EBIT 2017 3 032 M
Net income 2017 -1 409 M
Debt 2017 33 076 M
Yield 2017 5,96%
P/E ratio 2017 -
P/E ratio 2018 34,18
EV / Sales 2017 1,82x
EV / Sales 2018 1,85x
Capitalization 64 949 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 2,70 €
Spread / Average Target 10%
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NameTitle
Vittorio Amedeo Colao Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Nicholas Jonathan Read Group Chief Financial Officer & Executive Director
Johan Wibergh Group Technology Officer
Philip Edward Yea Senior Independent Non-Executive Director
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