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Vodacont, the global payments provider, has been granted an all-cash acquisition by the government of Singapore to build a $1.2bn broadband infrastructure.
Vodacon will buy shares in Telstra Corp and Singapore Telecommunications, Singapore’s largest and most profitable telecoms company, to build the infrastructure.
Telstra, Singapore Telecommunications and Singapore Power Corp have a combined market value of $17.5bn, according to data compiled by Bloomberg.
The investment is part of the Vodacoorda deal, a $7.5 billion deal to acquire Telstra’s telecom assets in South Africa, the Commonwealth of Independent States (CIS) and the Philippines.
It comes at a time when Asian telecoms firms are seeking to diversify into broadband.
Voda, which has about 90 million customers in the US and Canada, plans to open up more broadband services to local users in India and the US.
It has also acquired a $2bn cable TV and Internet service in the Philippines, and plans to build broadband services there.
“Our business model and technology allow us to operate in the rapidly evolving telecoms market, including in emerging markets like India, China, South Africa and the Pacific region,” said Vodavacont chief executive Peter Staudenmaier.
“We will continue to invest and innovate in broadband, as we always do.”
Singapore Telecommunications will remain part of Vodacons services in the country and will retain its 50 per cent stake in the company.
Telco Vodapro will continue as a wholly-owned subsidiary of Voda.
VODACON IS THE FIRST BRAND TO BUY A BROADBAND IN THE CURRENT ECONOMY The deal comes as the Singapore government looks to bolster the countrys telecom sector, which accounts for almost one-third of GDP.
Telcos are among the most valuable companies in the world and the government is looking to boost growth and diversify its economy.
Vosun Communications, Vodas cable TV service, Telstra and Vodaxa are among Singapore’s top five telecoms companies.