Mergers and Acquistions News
Categories: Telecoms
July 24th 2009, 16:39PM
Indian telecoms firm Bharti Airtel and South Africa's MTN Group are expected to extend talks relating to a merger with an estimated value of $2.9 billion (£1.7 billion).
In May, the two firms revived talks about an extremely complex deal that would create one of the ten biggest companies in the global telecoms industry, and have agreed to continue exclusive discussions until the end of July.
An unnamed source involved in the deal told the Wall Street Journal that, despite rumours that the firms were previously expected to break the July 31st deadline, the two companies are in fact on track to meet it.
"We are working on the original timeline to sign the deal, but closing will always take time," commented the source.
In April Bharti Airtel announced a joint venture with Alcatel-Lucent to manage the company's pan-Indian broadband and telephone services, easing its transition to next-generation networks.
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