Vodafone – merger of Vodafone India with Idea Cellular
Slaughter and May is advising Vodafone on the proposed merger of its subsidiary Vodafone India (excluding its 42% stake in Indus Towers) with Idea Cellular, to create India’s largest telecom operator with the country’s widest mobile network.
Idea Cellular is listed on the Indian Stock Exchanges. Following completion of the transaction, Vodafone will own 45.1% and the Aditya Birla Group will own 26.0% of the combined company. Vodafone and Aditya Birla will have joint control of the combined company under a shareholders’ agreement.
The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close during the 2018 calendar year.
Slaughter and May is advising Vodafone alongside S&R Associates, whose team is led by Rajat Sethi and Tanya Aggarwal.