Operator group Singtel continued its aggressive push to sell off assets, announcing plans to divest part of its stake in India-based Bharti Airtel for about SGD2.25 billion ($1.6 billion).
In a statement, Singtel noted it would sell a 3.3 per cent stake in the India operator to Bharti Telecom, a joint venture between Bharti Enterprises and Singtel, with the deal expected to close before 23 November. Following the sale, Singtel’s holding in Airtel will drop to 29.7 per cent.
Singtel CFO Arthur Lang said the transaction will help to meet the group’s needs for 5G and growth initiatives in the next few years.
India media in May reported Singtel was preparing to sell a stake in Bharti for $2 billion.
The share sale is part of a wider strategic revamp to drive growth by divesting assets.
Last week, the operator reportedly prepared for the sale of US-based cybersecurity business Trustwave, expecting to raise $200 million to $300 million. In July, it lined up a buyer for its digital media subsidiary Amobee for $239 million.
In October 2021, it sold payment card industry compliance business SecureTrust, a subsidiary of Trustwave, as well as also divesting a 70 per cent stake in infrastructure unit Australia Tower Network.