Vodafone bags Hutch Essar for $11 billion

After what seems like an eternity recently, European mobile mega-carrier Vodafone has said that it will be buying a 67% interest in Indian mobile operator Hutchinson Essar for just over $11 billion in cash. Since China Mobile overtook Vodafone as the world's largest mobile carrier, we think some of that mine is bigger than yours pride finally got Vodafone upset enough to go lay down some serious cash for a mobile carrier who is growing rather nicely. But the party has a little pooper though -- Vodafone will have to eat up to $2 billion in Hutch Essar debt in addition to the $11 billion outlay. Let's hear it for emerging markets, ok?

[(Unverified) Posted Feb 13th 2007 8:26PM]

Vodafone bought the Hutch part of the shares from the Hutch Essar company for $18.8 bn and not $11 bn.