Belgium telecom provider Proximus to buy majority stake in India’s Route Mobile

Proximus will pay ₹1,626.40 per share of the Indian cloud communications platform provider

July 17, 2023 01:52 pm | Updated 01:52 pm IST - Bengaluru

A flag with the logo of Proximus is seen at the headquarters of the Belgian telecoms operator in Brussels, Belgium.

A flag with the logo of Proximus is seen at the headquarters of the Belgian telecoms operator in Brussels, Belgium. | Photo Credit: Reuters

Belgian telecom service provider Proximus Group on July 17 said it will buy a 57.56% stake in Route Mobile for $720.53 million.

Proximus will pay ₹1,626.40 per share of the Indian cloud communications platform provider, the former said in a statement, compared with Route Mobile's closing price of ₹1,625.35 on Friday.

Route Mobile's shares were down 1.7%, reversing course after the stock jumped 8.3% to ₹1,759.90 after the announcement, its highest since February 2022.

The acquisition will trigger a mandatory takeover offer for up to an additional 26% of the total outstanding shares at the same price per share according to Indian regulations, Proximus added.

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