Swan Telecom holds licenses in 13 telecom service areas in India, and is in the process of acquiring licenses in an additional two telecom service areas. Together these licenses enable the company to provide services covering a population of over 900 million across India.
Etisalat has adequate financial flexibility at the rating level to fund the transaction, which is part of its international expansion strategy of capturing growth in rapidly expanding markets. Pro forma for the cash payment, Etisalat's adjusted total debt to EBITDA for the 12 months ended June 30, 2008, was 0.8x.
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Etisalat ratings unaffected by announced India venture
- United Arab Emirates: Wednesday, September 24 - 2008 at 15:05
- PRESS RELEASE
Standard & Poor's Ratings Services said today that its ratings and outlook on Emirates Telecommunications Corp. (Etisalat; A+/Stable/A-1), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates are unaffected by the announcement that Etisalat will acquire about 45% of Indian mobile operator Swan Telecom Private Ltd. for $900m in cash.
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