Telenor and Unitech close stake sale deal
Norway's Telenor and Unitech Wireless have reportedly closed the stake sale deal giving the former a controlling stake in Unitech Wireless via a fresh equity infusion. Telenor has paid $250 million for a 33.5 per cent stake in Unitech Wireless and will inject the remaining $970 million in three tranches over 2009. Telenor has readjusted its stake valuation – it now gets 67.25 per cent stake in Unitech Wireless for Rs 61.2 billion, as against 60 per cent as per the agreement signed in October 2008. This brings down the enterprise valuation of Unitech Wirelsss to about Rs 109 billion. The closing of the deal will also see Unitech, the parent company of Unitech Wireless, get about Rs 4 billion against advances it gave to its wireless arm.
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