“…upon receipt of approval from the Competition Commission of India (CCI) and after completion of other condition precedents agreed between the parties, the first closing has been completed and the securities of Nxtra Data Limited, a subsidiary of the Company, have been issued to CA Cloud Investments, an affiliated entity of Carlyle Asia Partners V. LP (an investment fund managed and advised by affiliated entities of The Carlyle Group),” the corporate mentioned in an change submitting on Thursday.
Airtel had introduced the take care of Carlyle on July 1, 2020 to promote 25% of its stake in its information centre unit Nxtra Data Ltd. to the Carlyle group for $235 million.
The post-money enterprise valuation of Nxtra is roughly USD 1.2 billion and Carlyle will maintain a stake of roughly 25% within the enterprise upon completion of the transaction, with Airtel persevering with to carry the remaining stake of roughly 75%, in line with the deal introduced by the telecom firm on July 1.
The approval for the deal by CCI was given on August 26.
The stake shall be purchased by Comfort Investments II, an affiliated entity of CAP V Mauritius Limited, an funding fund managed and suggested by affiliated entities of The Carlyle Group.
Nxtra Data is a fully-owned subsidiary of Bharti Airtel Ltd and gives information centre colocation providers via its 10 information centres situated in India.
Airtel’s shares fell 3.44% and closed at Rs 399.15 per inventory on BSE because the benchmark Sensex fell 2.61%. The announcement got here after market hours.