Bharti-Vodafone JV in talks for stake in JT Global
Bharti Global’s subsidiary Jersey Airtel is in talks to merge operations with state-run JT Global, one of the biggest telecom operators in the Channel Islands.business Updated: Jun 25, 2015 00:10 IST
Bharti Global’s subsidiary Jersey Airtel is in talks to merge operations with state-run JT Global, one of the biggest telecom operators in the Channel Islands.
Under the proposed deal, Jersey Airtel, which is a joint venture between Bharti Global and Vodafone, will acquire a minority stake in JT Global.
Operations of Jersey Airtel will be concentrated in the Jersey and Guernsey islands located in the Channel Island archipelago off the coast of France in the English Channel.
“Airtel and JT have confirmed that they are in initial talks to merge their operations across the Bailiwicks of Jersey and Guernsey,” JT Global and Jersey Airtel said in a joint statement.
“The proposed arrangement under discussion would see Airtel take a strategic minority interest in JT, with the States of Jersey retaining majority control,” it said.
JT Global had a total turnover of more than £150 million (`1,503 crore) in 2014 with profits of about £9 million (`90 crore).
The merged entity will integrate networks, maximise coverage and speed while reducing the number of sites across the island, the statement said.
“Should agreement be reached following these discussions, a merger would require the approval of CICRA (Channel Islands Competition and Regulatory Authorities) and shareholders. In the case of JT, this would require the explicit approval of the States of Jersey,” the statement said.
At the end of 2014, Jersey and Guernsey had resident populations of 100,000 and 65,000 respectively.
Apart from Jersey Airtel and JT Global, Bahrain-based Batelco also has operations in the Channel Islands.
First Published: Jun 25, 2015 00:07 IST