Belgian telecom service provider Proximus Group on Monday said it will buy a 57.56% stake in Route Mobile for 59.22 billion rupees ($720.53 million).
A flag with the logo of Proximus is seen at the headquarters of the Belgian telecoms operator in Brussels, Belgium January 9, 2019. REUTERS/Francois Lenoir/File Photo
BENGALURU, July 17 - Belgian telecom service provider Proximus Group on Monday said it will buy a 57.56% stake in Route MobileProximus will pay 1,626.40 rupees per share of the Indian cloud communications platform provider, the formerRoute Mobile's shares were down 1.7%, reversing course after the stock jumped 8.3% to 1,759.90 rupees after the announcement, its highest since February 2022.
The acquisition will trigger a mandatory takeover offer for up to an additional 26% of the total outstanding shares at the same price per share according to Indian regulations, Proximus added.Our Standards:
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