Bharti Airtel and MTN were unable to convince the South African government to accept their cross-border merger proposal. The government did not object to the merger per se but to the structure, which was outside the current regulatory environment. The two companies had proposed a structure, which ostensibly involved MTN taking up a stake in Bharti by subscribing to ADRs/GDRs. Bharti would in turn take up a stake in MTN, which was a direct transaction.
Cross Border
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Cross border mergers, coming soon in India
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Bharti Airtel and MTN have extended their negotiations for a cross-border M&A transaction, a first in India’s telecom industry. Even as the two sides thrash out terms, the Indian government is considering making two-way cross-border mergers and amalgamations a reality.