Bharti Airtel and Vodafone Concept have introduced the divestment of their total stake in FireFly Networks. This choice marks the tip of FireFly’s standing as a three way partnership between the 2 telecom corporations. In an change submitting right now, each the businesses mentioned they’ve entered into Share Buy Agreements (SPA) with Manipura Digital Infrastructure Opco, based mostly in Singapore, for the switch of their respective stakes in FireFly.
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The divestment entails the switch of Bharti Airtel‘s and Vodafone Concept’s 50 % fairness stake every in FireFly Networks. The consideration for this switch quantities to Rs 60.47 million (Rs 6.047 crores) for every firm.
“Upon switch of its stake, Firefly would stop to be a Joint Enterprise of the Firm,” Bharti Airtel and Vodafone Concept (Vi) mentioned of their statements in an change submitting.
Transaction Timeline
The completion of this sale is contingent on the fulfilment of closing situations and is predicted to happen inside 45 days from the date of the settlement, signed on November 4, 2023.
FireFly Networks
FireFly Networks, which was established in 2014 as a three way partnership between Bharti Airtel and Vodafone Concept, aimed to offer WiFi companies within the nation. FireFly operates as a vendor and operator-neutral firm that deploys a impartial community shared by telecom and web suppliers.
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Monetary Contribution
Throughout the monetary 12 months 2022-23, FireFly contributed 0.007 % to Airtel’s Rs 139,144.8 crore consolidated turnover and 0.005 % to its web value (Rs 106,444.3 crore). Within the case of Vodafone Concept, the WiFi infrastructure supplier contributed Rs 5 million to its backside line and Rs 58 million to the corporate’s web value.
