Wednesday, March 30, 2011

Vodafone Acquires 33% Essar for $5 Billion

Vodafone Group has acquired the 33% stake in Vodafone Essar that was held by Essar. This will result in a total cash payment of US$5 billion to Essar. Final settlement is anticipated to be no later than November 2011. Vodafone Group's noted that its published net debt figure already includes this US$5 billion. Vodafone's stake in Vodafone Essar is now expected to exceed 75%.