“…upon receipt of approval from the Competition Commission of India (CCI) and after completion of other condition precedents agreed between the parties, the first closing has been completed and the securities of Nxtra Data Limited, a subsidiary of the Company, have been issued to CA Cloud Investments, an affiliated entity of Carlyle Asia Partners V. LP (an investment fund managed and advised by affiliated entities of The Carlyle Group),” the company said in an exchange filing on Thursday.
Airtel had announced the deal with Carlyle on July 1, 2020 to sell 25% of its stake in its data centre unit Nxtra Data Ltd. to the Carlyle group for $235 million.
The post-money enterprise valuation of Nxtra is approximately USD 1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%, according to the deal announced by the telecom company on July 1.
The approval for the deal by CCI was given on August 26.
The stake will be bought by Comfort Investments II, an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated entities of The Carlyle Group.
Nxtra Data is a fully-owned subsidiary of Bharti Airtel Ltd and provides data centre colocation services through its 10 data centres located in India.
Airtel’s shares fell 3.44% and closed at Rs 399.15 per stock on BSE as the benchmark Sensex fell 2.61%. The announcement came after market hours.