Friday 23 May 2014

CQ- Citic Telecom plans to acquire RCom’s submarine cable assets

China’s Citic Telecom has initiated exclusive talks with debt-laden Reliance Communications (RCom) to acquire its submarine cable assets, with the Indian company making another attempt to pare debt. The deal, which is expected to conclude within a month, values RCom’s cable assets held by its unit Global Cloud Exchange (earlier known as Reliance Globalcom) at $1 billion (about 5,900 crore).
The Hong Kong-listed company beat two other bidders from West Asia for the equal joint venture. Standard Chartered is advising Citic Telecom on the transaction and Hong Kong-based investment bank IRG is the advisor for RCom, according to reports in the Financial Times.
Citic Telecom is controlled by Citic Group, an industrial and financial services conglomerate. “It is the policy of the company not to comment on speculation,” an RCom spokesperson said, while Citic Telecom could not be immediately contacted for comments.

Source:
http://cablequest.org/news/technology-news/item/4932-cq-citic-telecom-plans-to-acquire-rcom%E2%80%99s-submarine-cable-assets.html
Source: http://cablequest.org/news/technology-news/item/4932-cq-citic-telecom-plans-to-acquire-rcom%E2%80%99s-submarine-cable-assets.html

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