MERGER & ACQUSITION ASSIGNMENT # 1

AIRTEL ACQUIRING TULIP TELECOM
[Type the document subtitle]

GROUP NUMBER – 7 SANKALP CHUGH – 14 AJINKYA NAIK – 124 ABINASH NAYAK – 34 NAMITA SACHAN - 135

infrastructure. brand value and any combination of this factors. especially with the ongoing convergence of the telecom and cable industries. spectrum. The deregulation of the industry tempts telecom firms to provide bundled products and services. And telecom industry is no exception. The factors that give a company a competitive advantage in this sector are licences.REASON FOR CHOOSING THIS INDUSTRY: TELECOM INDUSTRY Over the past few decades India has become a hotbed of telecom mergers and acquisitions irrespective of the industry. The major reason being that foreign investors look at India as one of the fastest growing markets in the world. It is one of the prime support services needed for rapid growth and modernization of various sectors of the economy. particularly beginning with the announcement of NTP 1994 and was subsequently re-emphasized and carried forward under NTP 1999. the Indian telecom sector witnessed a complete transformation in the last decade. It has achieved a phenomenal growth during the last few years and is poised to take a big leap in the future also. geographical territory. The telecom services have been recognized the world-over as an important tool for socioeconomic development for a nation. The acquisition of additional products and services has thus become a profitable move for telecom providers. What are the possible effects of the various statutory guidelines and industry specific provisions/ norms on an acquisition deal in the telecom industry.  . The structure of finances and their flow that go with an acquisition. We want to understand the nuances that go while evaluating a target company on basis of these factors primarily weightage. M&A have also been driven by the development of new telecommunication technologies. lower tariffs and falling network cost and handset prices. The mobile sector has achieved an overwhelming tele-density which has been aided by a bouquet of factors like aggressive foreign investment. regulatory support. What could be the major advantages of acquiring an area-centric player for a nationwide one. network. Driven by various policy initiatives. Indian telecommunication sector has undergone a major process of transformation through significant policy reforms. Sweeping reforms introduced by successive Governments over the last decade have dramatically changed the face of the telecommunication industry. Our main objective in studying this sector with a purview of mergers and acquisitions is to understand the following:     Is any player (big or small) in a position to commit a stature of self-sustenance in a highly volatile industry like telecom.

Wireless and Broadcast portfolios to its customers to deliver dynamic data. ADC provides network infrastructure products and Copper. has a strategic alliance with one of best and the globally renowned network infrastructure provider. . Since Airtel has been a consistent performer since its inception. REASON FOR REJECTING THIS : Airtel. the company is currently occupying the No. the EDC domain as well as the MPLS domain. Also at a later part we can study the opportunities for Airtel to becoming a specialist brand in the EDI consultancy industry which would be a breakthrough regime for a player already well established in the telecom world. Also since bundling has been a major weapon against competition for most of the players in this industry. POTENTIAL TARGET COMPANIES ADC Communications: ADC (India) Communications & Infotech Private Limited (ADCI) is a fully owned subsidiary of ADC Telecommunications. it would be interesting to see how could Airtel employ this technique with its new found expertise majorly for corporate clientele. 1 spot among the listed cellular service companies in India. we would find it helpful to know how it would get effected by acquiring a company who is strong and holds a significant market in both. Cisco.2 % being preceded by MTNL and RCOM.Reasons for choosing Airtel as the acquirer company: Baptized in 1995 as Airtel by Bharti Cellular. cable. either wired or wireless. ADC basically provides the hardware or infrastructure required by carriers or service providers to achieve connectivity. In the last few years Airtel has shown a key interest in expanding its horizons through its efforts for domestic as well as international alliances and acquisitions. which provides enterprise connectivity. Fibre. voice. USA. ADC designs and deploys high speed networks. broadcast and enterprise networks. Though Airtel is strong in the spectrum and brand value domain it still has a lot of scope in the fields of Enterprise Data Connectivity(EDC) wherein its market share is a meagre 17% and Multiprotocol Label Switching (MPLS) in which its market share is even lesser at 10. video and wireless services. Cisco provides hardware and software solutions that are used to build Internet solutions which enable enterprises as well as individuals to raise productivity and increase customer satisfaction.

Airtel being a major private player may raise security concerns upon its acquisition. LAN connectivity and some technological infrastructure products and solutions to service providers. and is an additional.Airtel’s Enterprise Connectivity unit. or for that matter. power sector etc. SPANCO: Spanco is in the business of creating Technology Infrastructure projects across Government. Spanco’s client base consists mainly of government and allied institutions. Spanco. which are unrelated businesses. which we are currently looking at. Spanco has not divided its business into different business units. which may lose its client base and become defunct. Also the scale of projects that Spanco gets from its clients is small. Government and allied institutions generally prefer a public sector telecom partner. Spanco provides technology infrastructure to service providers. Power and Telecom Service Provider’s space. e. public utilities sectors. may disturb the ecosystem and end up with a unit. But ADC business is to provide infrastructure to carriers or service providers. aims to build on its service provider capability by providing connectivity in enterprises. So instead of making new inroads into a new client base. REASON FOR REJECTING THIS : Spanco has footprints in the power sector and has its own BPO. So there is not a clear distinction among its businesses. Unlike ADC. rather all the businesses are handled centrally. as far as Airtel is concerned. defence sector. unnecessary burden. . Enterprise connectivity is achieved by making use of Airtel’s telecom spectrum thus helping in its core business of spectrum utilization. Only small scale works are outsourced to Spanco. which means it provides back office support services for telecom operators. Acquiring this company would mean extra baggage that has to be systematically disposed of. Thus the mutual trust factor and confidentiality has been built up from the very beginning.g. Airtel does business as a service provider and enterprise connectivity acts as a felicitator. since its inception has been catering to those clients only. It also provides telecom solutions like wireless access. which is why BSNL is the preferred choice of these clients. However going for ADC would be the exact opposite to its business strategy. So. Mumbai Municipal Corporations internal communication system. any strategic relationship with Spanco.

Essar Group bought a controlling stake of 79% in AGC only recently in May. It is followed by Reliance and Vodafone with customers around 44. through audio video conferencing solutions and also provides call centre management software services solutions.500.05.77. Quadrant has set up state-of-the-art network with coverage in over 136 towns of Punjab with extensive optical fibre network coverage of over 3. Aegis.91. Modular connectivity is not preferred even in cases of enterprises having strong legacy systems. So acquiring a local player. Quadrant has a customer base of 1. In Punjab. Also being just a communication partner.257. where Airtel has a strong foothold does not make sense. REASON FOR REJECTING THIS : Airtel already has a strong presence in Punjab with a customer base of 65. Customized Data Services and Value Added Services. it is one of Punjab's leading private sector Telecommunication Service Providers.32. It provides communication solutions across enterprise. Mobile Telephony. Most enterprises today are going for end-to-end enterprise connectivity. Today. thereby increasing cost.965 and 41. The operations of AGC are reminiscent of a BPO.185 as of Jun’ 2011 for wireless services.93. Aegis. It is a subsidiary of the multinational conglomerate.392 respectively. AGC Networks: AGC is a solutions integrator in enterprise communications. However the fibre optic networks of both operators are overlapping and this would lead to redundant fixed line network. Airtel provides fixed line services and has cutomer base of 1.500 km. the company is at a disadvantage. REASON FOR REJECTING THIS : . under the brand name of “Connect”.QUADRANT Televentures: Quadrant is a "Total Telecom Solutions Provider" offering Fixed Line Telephony (Telephone Services). Cost increment in this would nullify the marginal benefit of gaining a larger customer base. 2010. Essar Group. being also controlled by the BPO arm of Essar Group. so chances of Essar Group selling this are few. as enterprises want to have a single point of accountability. Also it is a good fit for the BPO arm. Launched in Punjab in the year 2000. Broadband Services.

Punjab and Andhra Pradesh. Tulip has a 13% Stake in US major Qualcomm’s Indian arm.2011) Qualcomm’s BWA license was recently cancelled by the government and reports suggest that it is in talks with some players to offload its entire stake. This business is expected to be around $1.000 square-foot in Bengaluru. personnel and security costs are causing a shift in the attitude of corporates. Qualcomm is also the leading mobile chip manufacturer in the world.8 billion. service provided can have better dedicated bandwidth. Tulip achieves wireless connectivity through last mile connectivity. which enables it to provide data connectivity upto 1Gbps and dedicated bandwidth.6% in the MPLS segment and a 12. enterprise data connectivity (MPLS VPNs and Internet) and infrastructure management services to enterprises both within and outside India. So Tulip has gone ahead and laid out an extensive fibre optic network. a leader in LTE technology. the bandwidth of spectrum allocated to any player is limited. So they complement each other perfectly and Airtel on acquiring Tulip would be a stakeholder in the company and chances of buying out would be better for Airtel. So acquiring Tulip would give access to Qualcomm’s technology and the next generation chip required for 4G services and better data services can be jointly developed to stay ahead of the competition. thereby minimizing chances of redundant resource. Mumbai and Kerala. which houses equipment to serve mobile-phone companies to offer managed hosting and colocation services. Airtel being a major player and because of its large subscriber base has a larger spectrum with it. Apr. has BWA licences to offer mobile broadband facilities in four regions: Delhi. Thus Tulip can contribute largely to Airtel’s bottom-line. . Because of regulatory constraints. Delhi. which enterprises nowa-days require and rightfully demand from such service providers. Both players are currently sharing their networks under an exclusive. mutual agreement.00. So complementing each other. So chances of network overlap are greatly reduced. Airtel has LTE license in Maharashtra. Tulip provides network integration.9% share in the Enterprise Data Connectivity business. Tulip has a market share of 30. Tulip is a Multi-Protocol Label Switching (MPLS) Virtual Private Network (VPN) provider and has been the front-runner in providing and handling multi-location Wide Area Networks (WAN) for enterprises from different domains. Tulip also owns the world’s third largest data centre covering 9. of which around 19% is serviced by third party data centres.2% share in MPLS segment and 17% share in the EDC segment. The combined entity would give Airtel a much larger customer base. technology. Haryana. Airtel has a 10.Tulip Telecom: Tulip Telecom Limited is a data telecom service provider that provides state-of-the-art IP based infrastructural solution0073. Qualcomm. Tulip has a network covering about 9000 km and covering almost the entire country spanning 2000 cities. (WSJ. (Fitch Ratings) The cost of maintaining a captive data centre in terms of operating expenses. This is because both players have their fibre optics network in separate regions.

. but that has not happened yet.    Last year. Tulip has acquired 100% stake in a data centre in Bangaluru for Rs.2011) The rising debt burden is now affecting profit growth. Tulip invested Rs. Operating profit rose by 27% in the first half of the year. but net profit increased by only 15.Tulip narrowly missed a telecom license recently. The company’s net debt rose from Rs. 230 crore. (Business Standard-September. It is now obvious that the firm is in need of money to check the rise in its leverage and to pacify the investors. 670 crore in the operations of the data centre. 140 cr in Qualcomm’s BWA subsidiary in India. However.2011) REASON FOR SELECTING THIS AS OUR TARGET: Tulip now wants to sell a stake in the data centre. Reports suggest the firm now plans to raise funds through a qualified institutional placement. Tulip’s debt has been mounting due to huge capital expenditure.890 cr in September quarter. At the same time.430 crore in the quarter ended March to Rs. its debt continues to mount and this has worried investors. Tulip has to spend an additional Rs. 1.6% due to a 77% hike in interest costs. it will pose a serious threat to the big service providers because of its huge corporate presence that it already has. (LiveMint Apr. around Rs. 200 crore of which would be spent in FY-12 itself. 1. as and when it gets the license. because of technicality issues.

As part of its strategy to deliver next-generation solutions to Fortune 1000 customers. acquired Teleglobe International Holdings Ltd.SIMILAR ACQUISITION THAT HAS HAPPEND IN THE INDUSTRY Videsh Sanchar Nigam Limited. With its acquisition of Teleglobe. The foundation of the new company's capability will be the integration of VSNL's leading pan-India presence and unequalled cable diversity to and from India. VSNL's international division. Product Suites. that includes 206. robust and scalable network capacity and seamless connectivity. the company's wholesale customers will benefit from superior network reach. and scalability from a single partner worldwide for voice. data. and will provide the wholesale and enterprise sectors with key mobile. The new combined company will own and operate one of the world's largest international mobile. established operational strengths. VSNL International will remain the product brand for the company's wholesale IPL and Ethernet offerings. Mobile and IP Transit wholesale services. data and voice offerings. Legacy.356 km of terrestrial network fiber and subsea cable . and Shared Culture of Quality The combined company represents: People  Representation in more than 35 countries Relationship Assets  Global Customer base of 1. The combined company will operate under the name of VSNL International.the leading provider of international communication solutions. significant commercial flexibility.400 wholesale customers and more than 650 enterprise customers Global Infrastructure  Global. VSNL International. as well as the full Enterprise portfolio. VSNL International will leverage Teleglobe's network and capabilities to further expand services offered through its Global Business Pathway providing the world's leading businesses with diversified multi-technology connectivity. is poised to deliver a comprehensive portfolio of next-generation carrier and enterprise solutions. the world's largest designed global backbone capacity. data and mobile services. By leveraging Teleglobe's extensive global reach. Complementary Networks. Teleglobe will continue to serve as the product brand for the Voice. VSNL . and Teleglobe's network. and depth of carrier relationships worldwide. and innovative managed services. and voice networks with coverage to more than 240 countries and territories.

India and India Metros Ethernet over MPLS and SONET capabilities Tier One IP service provider International IPv6 connectivity leader Principal provider of International data services in India Mobile   Connection to over 400 mobile operators worldwide Principal provider of signaling conversion services to enable GSM roaming to and from North America Content delivery services  Acquisition Details Teleglobe was acquired for about $239 million.50 per share to Teleglobe shareholders and assumption of net debt. the acquisition could increase VSNL's annual revenues by up to 200% in 2006-07. 275 PoPs in 25 Countries and access to 5 geo-stationary satellites through more than 30 dedicated earth stations Ownership in 100+ sub sea and terrestrial cable systems Full ownership of Tata Indicom Cable (Chennai . linking the domestic network to over 240 territories worldwide  Data      Legacy-free. comprising payment of $4. . global MPLS network with reach throughout India Global.Singapore) Network Administrator role and partial ownership in SEA-ME-WE4 (South East Asia-Middle East -Western Europe)    Voice  World's largest international wholesale carrier with more than 415 combined direct and bilateral relationships with leading international voice telecommunications providers and more than 17 billion minutes annually of international wholesale voice traffic Principal provider of public international telecommunications services in India. At Teleglobe's current revenue levels.

2006. which prior to the merger traded on the Nasdaq National Market under the symbol "TLGB". were delisted from trading as of the close of the market on February 13.Shares of Teleglobe common stock. .

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