Route Mobile promoters to sell entire 57.56% stake to Proximus Group

Route Mobile promoters will sell their 57.56 per cent stake in the company to Proximus Opal SA and Proximus SA for Rs 5,922 crore. In a regulatory filing, the company said the promoters will sell Rs 3.64 crore shares at Rs 1,626.4 each.

“The Acquirer and the PAC entered into a SPA Agreement dated July 17, 2023 with the Sellers pursuant to which the Buyer has agreed to acquire from the Sellers 3,64,14,286 shares of Target Company representing 57.56 percent of the expanded voting share capital.”

Priximus Opal is the acquirer in this transaction, and Proximus is the PAC.

Following this transaction, Proximus Opal will make an open offer to acquire another Rs 1.64 crore or 26 per cent of the expanded voting share capital from Route Mobile’s public shareholders.

The open offer price will also be Rs 1,626.4 per share, bringing the total deal value to Rs 2,675 crore.

In a subsequent transaction, the private equity firm Clear Bridge will acquire up to 14.5 percent of the Proximus Group stake.

The Brussels-based Proximus Group is a communications group that provides digital and communications services in Belgium and international markets.

In Belgium, its main products and services are offered under the brands Proximus, Scarlet and Mobile Vikings.

The majority stake in Proximus is owned by the Belgian state (53.51 per cent).

Route Mobile shares hit a 52-week high of Rs 1,759.5 on Monday after the announcement. However, as of 10 am, it was trading at Rs 1,594.15, nearly 2 percent lower than the previous close of Rs 1,624.85.