Telekom Malaysia will pay USD178.8 million to acquire a 49% stake in Indian cellco Spice Communications, the two companies confirmed Friday. Telekom’s wholly owned subsidiary will purchase the Spice shares held by Ashmore Investment Management and Deutsche Bank; the family of Spice chairman B.K. Modi will retain a controlling 51% stake in Spice via their holding company MCorp Global. Telekom will help Spice restructure its USD215 million debts and expand its service to new regions. Telekom fought off a rival bid from fellow Malaysian telco Maxis Communications to secure the stake.
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