Bharti Infratel (Infratel), on 25th April, 2018 announced its merger with Indus Towers (Indus) creating a Pan-India leading tower companies with 163162 towers and 367073 tenancies. The share swap is 1,565 shares of Bharti Infratel for every 1 Indus Towers share. The merger implies Indus enterprise value of ~| 71500 crore (equity valuation of | 67600), which is 9.3x TTM EV/EBITDA. We highlight that implied valuation of Indus is slightly lower than our target valuation of | 69,600 crore for Indus. The merger envisages complete exit of Idea Cellular's 11.15% stake in...