Temasek confirms it has entered into conditional share purchase agreements with Singtel for the sale of a 21% stake in Intouch Holdings and its remaining 7.39% stake in Bharti Telecom for a total consideration of S$2.47 billion, and the purchase through a placement of nearly 386 million new shares in Singtel for S$1.605 billion at a price of S$4.16 per new share.  The transactions are subject to approvals by both Singtel’s minority shareholders and regulators.

Ravi Lambah, Head of Telecommunications, Media & Technology, Temasek, said, “As an active investor, we rebalance our portfolio from time to time. We accepted the offer after careful evaluation, and believe the potential synergies gained from the acquisitions will be positive for all Singtel shareholders over the long term. Reflecting this view, we are pleased to have the opportunity to further invest in Singtel - the largest company in our portfolio - as part of this set of transactions.”