According to ITP News, a Bahrain Telecommunications Company (Batelco)-led consortium has completed the acquisition of a 36.9% stake in new Indian wireless operator S-Tel. The stake was reportedly purchased for USD225 million. Commenting on the deal, Peter Kaliaropoulos, CEO of Batelco, said: ‘Conditions precedent have been satisfied and Batelco has completed the first phase of its investment in S-Tel. Batelco now holds a 36.9% share of S-Tel and in the coming months the shareholding will increase to 49%.’ S-Tel, which holds licences to operate wireless services in six telecoms circles in the north-east and north-west of the country, has yet to launch. It is understood that Batelco would now look to assist the new operator in accelerating the rollout of its network, targeting the launch of commercial services before end-2009.
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