Airtel shares hit 1-year high on Telenor India acquisition

Shares of India's largest telecom operator Bharti Airtel on Thursday rose 11% to a one-year high after it announced that it will be acquiring the business of Norwegian telecom company Telenor's India operations for an undisclosed sum. In a transaction expected to close in a year, Telenor India's spectrum, licenses, operations, including its employees, will become a part of Airtel.