Canvas Of An M&A Artist
Will Arun Sarin succeed in outbidding his competitors?
He's considered one of the top M&A artistes. He's handled a few of them during his career. So, when Vodafone's Arun Sarin purchased a 9.9 per cent stake in Sunil Bharti Mittal's Airtel, everyone expected the British telecom major to somehow increase its holding in the company by either forcing Mittal or his Singapore-based JV partner, SingTel, to sell. So, it was a surprise when Vodafone decided to join the race to take over Bharti's main competitor, Hutchison Essar. In fact, it wasn't really a surprise because Vodafone would do anything to land a firm footing in one of the fastest growing telecom markets in the world. An IIT (Kharagpur) graduate, with a post-graduate and an MBA from the University of California (Berkeley), Sarin has all the right ingredients to be a global CEO. He became the COO of AirTouch Communications, which merged with Vodafone in 1999. Sarin was the brain behind the tie-up, but didn't survive because of his ambitions. He wanted to become Vodafone's COO; the British major's head, Christopher Gent, thought he didn't need one. So, Sarin stepped away, but returned three years later as Vodafone's CEO. He pursued a series of M&As. But his colleagues and shareholders thought he was too aggressive in his bids, and willing to pay exaggerated prices for his potential targets. So, Vodafone's shareholders rejected the $650 million bid for SinglePoint and Sarin lost the race to acquire AT&T Wireless services because of apprehensions that his price may not be acceptable. Then Sarin looked East, as India was one of the few growing markets, with the West reaching saturation levels and China closed to outsiders. Now that he's got his opportunity, Sarin will need to play his cards right. Already, several investment bankers feel the possible price for Hutch will overstretch Vodafone, and also go against its avowed principles of earning a specified minimum return on employed capital. They also think Vodafone's shareholders are unlikely to back their CEO if the bidding war goes out of hand, as it's expected to be. Will Vodafone and Sarin be third time lucky in their bid to enter the Indian market? Will he be able to reduce his overall exposure in the Hutch bid by roping in Indian partners like Essar and Analjit Singh who has over 8 per cent stake? Can Sarin guide Vodafone onto a new eastward journey?
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