Singapore Telecommunications is set to spend S$2.5 billion $1.8 billion buying stakes in Thailand’s Intouch Holdings and India's Bharti Telecom, underscoring its ambition to become a regional telecom powerhouse by diversifying away from more mature markets.
SingTel said on Thursday that it will pay Temasek $1.2 billion for a 21% stake in Intouch. It is also increasing its stake in Bharti Telecom, which controls Bharti Airtel, the world’s third-largest mobile operator in terms of subscribers.
“Thailand and India are fundamentally attractive markets which are reaping the benefits of rapidly increasing smartphone penetration and mobile data adoption by a growing middle class,” SingTel...
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