The Competition Commission of India has approved French billionaire Xavier Niel’s bid to acquire a 16.2% equity stake in UK-based telecom operator Vodafone Group Plc. The deal will be carried out by Vega SAS, a wholly owned subsidiary of Maya SAS, the investment company owned by Xavier Niel and his family. The deal required approval from the Indian entity, because a joint venture between Vodafone and Idea still remains India’s top 3 network provider, and any change in the core ownership can affect the company and its operations in India as well.
This deal is another in a long list of Vodafone selling its businesses. Recently, the group agreed to sell all of its 50% stake in a Dutch joint venture and, to get back on track, pursued a merger with Three to become the single largest telecom provider in the UK. The deal is expected to be closed by July, when Vega SAS will buy the stakes from Emirates Telecommunications Group. Moreover, this isn’t Xavier Neil’s first venture into telecommunications. Xavier founded French telecommunications company Iliad, which quickly became one of the top companies in its industry, backed by low-cost internet and reliable services.
The competition regulator has had a busy week. It also approved Aditya Birla Renewables’ proposed takeover of Solenergi Power from Shell Overseas Investment BV, as well as Adani Energy Solutions‘ acquisition of Intellismart.
