M&A

M&A

Airtel, Vodafone Idea to sell their stake in WiFi JV to S'pore co. for Rs.12-Cr

Economic Times  

Telecom operators Bharti Airtel and Vodafone Idea have signed a deal to sell their respective stakes in Delhi-headquartered FireFly Networks, a WiFi infrastructure provider, to Singapore-based Manipura Digital Infrastructure OPCO Pte Ltd for INR 12.1 crore. Airtel and Vodafone Idea will get INR 6.05 crore each. FireFly deploys an aggregate network that can be shared by telecom operators and internet service providers seeking a better quality of service at a reduced cost. Both Vodafone Idea and Airtel are expected to continue to be customers of FireFly after divesting their respective stakes. The new owners are expected to invest up to USD 100 million in the company after the deal closes.