Vodafone Complets Acquisition of Hutch Essar
Further to the announcements of 11 February and 15 March 2007, Vodafone says that it has today completed the acquisition from Hutchison Telecommunications International (HTIL)of companies with interests in Hutchison Essar (Hutch Essar). Following this transaction, Vodafone will control Hutch Essar.
Vodafone will pay US$10.9 billion in cash to HTIL, reflecting retention and closing adjustments agreed between Vodafone and HTIL.
Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said "I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration. India is a tremendously exciting, fast moving market and I am confident that the Hutch Essar business will make a major contribution to the Vodafone Group over the coming years."
Posted to the site on 9th May 2007
