“Bharti Airtel Limited has entered into a share purchase agreement with iBus Networks and Infrastructure Pvt Ltd to transfer the entire stake (50 per cent) of the company to Firefly Networks Limited,” Airtel said in a filing.
The deal is expected to close within 30 working days from the date of execution of the agreement between the companies.
“The company will receive Rs 45 million for the sale of its entire stake (50 per cent) held in Firefly,” Vodafone Idea said in a separate filing.
Firefly operates and monetizes Wi-Fi hotspots in major Indian cities by providing best-in-class Wi-Fi infrastructure to partners such as educational institutions, hospitals, malls, cafes, public hangouts and markets, transit points and corporate parks.
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Backed by marquee investors such as the National Investment and Infrastructure Fund and the International Finance Corporation, iBUS Networks & Infrastructure specializes in providing in-building telecom network solutions and Wi-Fi powered services.
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