Proximus Opal, a unit of Belgian telecom service provider Proximus Group, announced it plans to buy an almost 58% stake in cloud communications platform-as-a-service company Route Mobile for 59.22 billion rupees (approximately $721 million).Per the agreement, the cloud company will pay 1,626.40 rupees per Route Mobile share and Clear Bridge Ventures, an affiliate of some Route Mobile promoters, will buy a minority stake of up to 14.5% in Proximus Opal for about 299.6 million euros (nearly $337 million). Further, according to Indian regulations, Proximus Opal will also have to make an offer to buy an additional stake of up to 26% in Route Mobile at the same price from retail shareholders.The filing also dictated that Proximus’ stake in Route Mobile may go up to 75%, depending on the outcome of the mandatory takeover offer (MTO). “Total cash consideration for this part of the operation will be determined by the effective MTO take-up,” continued the filing.
Mergers and Acquisitions, CSPs, Mergers and Acquisitions, Distributed Workforce, Content, Unified communications
Proximus Opal Buys Majority Stake in Route Mobile for $721 Million
Credit: Getty Images
Sharon Florentine
Sharon manages day-to-day content on ChannelE2E and serves as Editorial Director for CyberRisk Alliance’s Channel Brands. She also covers enterprise-class technology companies, strategic alliances and channel partner strategies. Sharon is a veteran tech journalist and editor with more than 25 years experience in the industry, and has previously held key editorial, content and leadership positions at Techstrong Group, CIO.com, Ziff Davis Enterprise and CRN.
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