Vodafone and Idea Cellular Announce Formal Agreement to Merge Indian Operations
On March 20, Vodafone announced a formal agreement to merge its Indian operation with Idea Cellular. We still believe this is a good deal, but we don't expect it to change our fair value estimate and narrow moat rating. However, we still view shares as slightly undervalued. The deal accomplishes several things. First, it provides significant scale. The combined company will be the largest wireless operator in India, with almost 400 million customers. As an in-country merger, it should provide lo...
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