Belgium’s Proximus to buy 58% stake in India’s Route Mobile for $721 mln

BENGALURU: Belgium’s Proximus Opal, which provides cloud-based telecom platforms for enterprises, said on Monday it would buy a near-58% stake in Route Mobile for about 59.22 billion rupees ($721 million), at par with its Indian peer’s current market value.

Proximus Opal, a unit of Belgian telecom service provider Proximus Group, has clients such as Salesforce and Bytedance, while Route Mobile’s clients include Amazon and Indian telecom service provider Airtel.

Proximus Opal will pay 1,626.40 rupees per Route Mobile share, just 0.06% more than the closing price on Friday, for the 57.56% stake held by Route Mobile’s promoters, an Indian market term for large shareholders who can influence company policy.