SINGAPORE (Aug 18): Singapore Telecommunications agreed to pay $2.47 billion for stakes in Thailand’s Intouch Holdings and India’s Bharti Telecom to broaden access to fast-growing wireless markets in the countries and in Africa.

Singtel will pay 60.83 baht per share ($2.36 per share) for a 21% holding in Intouch and 235.62 rupees a share ($4.72 a share) for 7.39% of Bharti Telecom in cash to Temasek Holdings, Singapore’s state-owned investment firm, the carrier said in a statement Thursday. The transaction will be funded through short-term debt and a $1.605 billion placement of shares to Temasek, according to the announcement.

Stakes in the largest mobile-phone operators in India and Thailand would give Singtel a bigger foothold in the two markets and in Africa, where Bharti operates wireless services. Intouch is the biggest shareholder in Advanced Info Service, Thailand’s largest wireless carrier, while Bharti is the largest owner of Bharti Airtel, India’s No. 1 mobile phone operator.

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