“The Commission approved the proposed combination based on amendments offered by the Acquirer (Google),” the CCI’s press release said, adding that “The parties also intend to enter into certain other commercial agreements in the future. to go”,
In January 2022, Airtel had announced that Google will invest $700 million to purchase a 1.28% stake in Airtel at a price of Rs 734 per share. Shares of Airtel closed on Thursday at Rs 684 apiece, down 0.4%.
In addition, Google will invest an additional $300 million through various other commercial arrangements in areas such as affordable smartphone manufacturing and cloud adoption investments.
Google is making the acquisition through a holding company Google Investments LLC, a subsidiary of Delaware-based Alphabet Inc.
Airtel, on the other hand, is one of the largest international communications companies with more than 480 million customers in different countries. However, India is the most important market for Airtel. In addition to providing telecom services, Airtel also provides broadband services, streaming services, etc. The company also has an enterprise services branch that provides cloud and data services, cybersecurity, advertising services, and cloud-based communications.