- Reliance Communications (RCOM) and Aircel have announced a merger to create India's fourth-largest phone company in terms of customer base and revenues.
- Aircel is the mobile business owned by Maxis Communications (MCB).
- RCOM and MCB will each hold 50% of the merged company with equal board and committee representation.
- The merged company will have combined assets of $9.7 billion and net worth of $5.2 billion.
- The transaction is likely to be closed in early 2017, subject to regulatory, court and shareholder approvals.
- J Sagar Associates (JSA) (Sandeep Mehta, Rajesh Pal, Manav Raheja, Nitin Kala, Malav Shah, Aarti Iyer, Prannoy Semwal, Ashrafi Ginwala, Malini Rao) acted for Reliance Communications.
- Slaughter and May (Simon Nicholls, Murray Cox, Harry Hecht, Raghav Ghai, James Foster) is advising RCOM as international counsel.
- Khaitan & Co (Haigreve Khaitan, Niren Patel, Mehul Shah) is advising Aircel.
- Kirkland & Ellis (Gavin Gordon, David Arnold, Aprajita Dhundia, Srinivas Kaushik, Ian Kirwan) is acting as international counsel for Aircel.
- Cyril Amarchand Mangaldas (Cyril Shroff, Radhika Gaggar) is acting for Aircel’s indirect minority shareholders Sindya Securities & Investments, which holds the minority stake in Aircel through Deccan Digital Networks.
Wai Yee Tsang - Journalist - Asia-Pacific