Moneycontrol PRO
you are here: HomeNewsBusiness

Competition Commission of India approves Google-Bharti Airtel deal

The deal has been cleared on the basis of modifications offered by the acquirer, according to an official release.

June 30, 2022 / 08:14 PM IST
Moody's upgrades Bharti Airtel to Baa3; Outlook stable. Moody's Investors Service has revised its Issuer Rating of Bharti Airtel to 'Baa3 Stable' from 'Ba1 Positive'. Moody's has withdrawn the company's Ba1 corporate family rating (CFR). Moody's has also upgraded to Baa3 from Ba1 the senior unsecured debt rating on the bonds issued by Bharti as well as on the backed senior unsecured notes issued by Bharti Airtel Int'l (Netherlands) B.V.

Moody's upgrades Bharti Airtel to Baa3; Outlook stable. Moody's Investors Service has revised its Issuer Rating of Bharti Airtel to 'Baa3 Stable' from 'Ba1 Positive'. Moody's has withdrawn the company's Ba1 corporate family rating (CFR). Moody's has also upgraded to Baa3 from Ba1 the senior unsecured debt rating on the bonds issued by Bharti as well as on the backed senior unsecured notes issued by Bharti Airtel Int'l (Netherlands) B.V.

Competition Commission of India (CCI) on June 30 approved Google’s proposed acquisition of a minority stake in telecom major Bharti Airtel.

The deal has been cleared on the basis of modifications offered by the acquirer, according to an official release.

Google International LLC and Airtel have entered into an investment agreement to buy a minority and non-controlling stake of 1.28 percent of equity share capital in the telecom player. Along with the investment agreement, both companies through their affiliates have also entered into certain commercial deals. The parties also intend to enter into certain other commercial arrangements in future, as per the release.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace. Google International LLC is a wholly-owned subsidiary of Google LLC. The latter is a wholly-owned subsidiary of Alphabet Inc.
PTI
first published: Jun 30, 2022 08:14 pm
Sections
ISO 27001 - BSI Assurance Mark