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Of profits the latter could repay the 28Voices for propose us various solutions to avoid a new April 21What do you thinkI do not think the bonus CapSwitching the fire reassure and refoundingDupont he is looking at the Teddy Boys at Paul JoeThe success of La Banque Postale is WernerThis time public institutions will not be affectedClose to a French three purchases on the InternetIt is as much that should now be availableA kind of inquiry to two pairs of eyes in shortThe world of telecoms is again boiling. While France Telecom and Vivendi have just time to invest, which in Britain (T-Mobile UK), Brazil (TVG) operation of any magnitude preparing between two giants of the emerging countries. With a formidable reservoir of growth in the key.
The Indian Bharti Airtel, who wants to take control of MTN by buying 49 of its capital, would have found an agreement with the group South Africa 14 billion with cash more important revised pricing, said yesterday the Agency Bloomberg and the Wall Street Journal ". The Indian is now solicit the banks to borrow $ 5 billion. The denial of Bharti has not cooled the market, excited by the prospect of the creation of a new champion for the mobile, whose turnover would be more than 20 billion dollars per year and that would count more than 200 million mobile subscribers on both continents. Bharti Airtel and MTN, who speak merger for months, are in exclusive negotiations until the end of the month of September.
After a first offer made in may by the Indian, the negotiations had failed both on price and share in cash, but also on questions of control. Indeed, the MTN shareholders want to keep voice. Mounting provides moreover that the South African Group alongside its shareholders take a significant proportion of the capital of Bharti. Bloomberg is about 33, for an amount of $ 10 billion.
This is an operation which relativizes the failure of Vivendi to buy the African assets of Zain, the operator mobile Kuwaiti, claiming 12 billion dollars to 40 million customers. In comparison, MTN, leader on the black continent, has more than 100 million mobile subscribers with an annual growth rate close to 50.
The same language
With MTN, Bharti speaks the same language. It is indeed in India "the lowest price per minute of the world, coupled with the largest volume of use of all the emerging countries", said Julien Salanave, analyst at Idate. This means that one must be able to serve millions of customers (400 million on the subcontinent) for really cheap. Result: the revenue per subscriber is very low (2.9 India euros), which explains that Bharti aligns what a turnover of 7.2 billion dollars to 100 million subscribers. The characteristics of this market are very similar to those of the African market, and Bharti sees probably the opportunity to replicate its economic model based on the cost control.
Thus, in India, terminals does are not subsidized. Similarly, Bharti has very little shops own and prefer to pay a swarm of introducing brokers to the result in each village. Finally, five of the six main operators of the countries hosting their network to limit their investments.
Julien Salanave j. in Africa it will have to push the Indian model to the extreme: "He must seek different billing models for a population that has no bank account and consume only a few minutes a month, on a phone that will be used more." "This requires a critical size, to industrialise the economic model to make it even more effective." But once this acquired know-how, Bharti could the to use to convert a large part of the 250 million potential users of the bottom of the rural India. If MTN and Bharti are married, it will definitely become increasingly difficult for operators Western such as Vodafone, Telefonica, or France Telecom, hungry for growth in emerging countries, to continue to take foot.
