Reliance Communications Extends Exclusive Discussions For Potential Combination of its Wireless Business With Aircel
Reliance Communications (RCOM) recently announced that, based on the good progress made so far, it has extended the exclusivity period with Maxis Communications Berhad (MCB) and Sindya Securities and Investments Private Limited, the shareholders of Aircel Limited (“Aircel”), by 60 days to May 22, 2016, to consider the potential combination of the Indian wireless business of RCOM and Aircel and mutually derive the expected substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement. The discussions are non-binding in nature. Any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders’ and other third party approvals. Hence, there is no certainty that any transaction will result.