Bharti Enterprises is looking at selling its majority stake in the mobile VAS company Comviva, reports The Wall Street Journal, mentioning that it has learnt about the development from three people familiar with this matter. It also reports that a merchant bank has been appointed for the sale and there are two potential buyers, although no formal announcement has been made with regards to bids or expression of interest.
The company, earlier known as Bharti Telesoft was rebranded Comviva in 2009. As of March 2009, Bharti Enterprises owned 75.03% in the company. The stake increased after the company’s Vice chairman, Sanjiv Mittal sold a large proportion of his shares (7.87% ordinary plus an undisclosed percentage of preferential shares) to Bharti and Sequoia Capital, which is also an existing investor in the company.
Comviva develops mobile value added services products and applications which are deployed by mobile operators and service providers. It has more than 100 customers in85 countries including Aircel, Idea Cellular, MTN, NTT Docomo, Uninor, Vodafone, Videocon, among others.
– Comviva Inks Africa Content Deals With InMobia, StarFish; More To Come
– Comviva Lands Virtual SIM Deal With MTN Ghana
– Sequoia & Bharti Buy Sanjiv Mittal Stake In Comviva; Mittal Sets Up Saarthi Enterprises