Vodafone announces completion of the acquisition of Hutch Essar

09.05.2007: Vodafone announces completion of the acquisition of Hutch Essar

Further to the announcements of 11 February and 15 March 2007, Vodafone announces that it has today completed the acquisition from Hutchison Telecommunications International Limited ("HTIL")of companies with interests in Hutchison Essar Limited ("Hutch Essar"). Following this transaction, Vodafone will control Hutch Essar.

Vodafone will pay US$10.9 billion (£5.5 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."

 

- Vodafone Group Plc-

Permanent-URL: http://www.automobilsport.com/vodafone-acquisition-hutch-essar-hutchison-limited-htil-arun-sarin---22291.html

09.05.2007 / MaP

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