Airtel climbs 2% on 25% stake sale in Nxtra for $235 million

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NEW DELHI: Shares of Bharti Airtel climbed 2 per cent in Wednesday’s trade after the telecom operator informed stock exchanges that Carlyle will acquire approximately 25 per cent stake in Airtel’s Data Centre business, Nxtra, valuing the business at $1.2 billion.

Bharti Airtel will continue to hold the remaining stake of approximately 75 per cent, the company told BSE.
Following the development, the stock rose 2.56 per cent to hit a high of Rs 274 on the exchange.

“India’s largest integrated telecommunications operator, and Comfort Investments II, an affiliated entity of CAP V Mauritius, an investment fund managed and advised by affiliated entities of Carlyle group announced an agreement under which Comfort Investments will invest US$235 million in Nxtra Data, a wholly owned subsidiary of Airtel engaged in the data center business,Bharti said.

Bharti Airtel said the transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India (CCI).

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