Proximus Group to buy majority stake in Route Mobile
Proximus’ stake in Route Mobile may go up to 75 per cent.
Representative Image (Photo: IANS)
NEW DELHI: Belgium-based Promixus Group, through its subsidiary, will initially acquire a 57.56 per cent stake in enterprise messaging firm Route Mobile for Rs 5,922.4 crore in an all-cash deal, according to a regulatory filing.
The acquisition has triggered an open market offer for the sale of 26 per cent of Route Mobile in compliance with regulatory guidelines.
Proximus’ stake in Route Mobile may go up to 75 per cent.
“Proximus Group will acquire 57.56 per cent of the shares in Route Mobile through Proximus Opal, for an initial Rs 59,224 million cash consideration for a price per share of Rs 1,626.40,” Route Mobile said in the filing.
As a part of the agreement, some of the founding shareholders of Route Mobile will reinvest in a minority stake in Proximus Opal, a subsidiary of the Proximus Group and the US-based holding company of Telesign - an affiliate of Proximus.