I think people shouldn't get too hung up with the $500 millions...

I think people shouldn't get too hung up with the $500 millions payout to Voda for two reasons:

1) The value of the combined company:
If say the value of 3 is not worth $x than the VHA will worth $x + ($x + $500million) which is $500million + 2$x. Even if the x = 0, VHA worths at least $500million, and because it is 50-50 joint venture. HTA will worth at least $250million. The market current capital is at $79million at $0.105, that means the share price should at least increase by 3 times to reflect $250million worth of a company.

2) Ability to pay:
The operating cost of HTA last year is about $600million (operating cost - net handset cost), VHA will be half of that, so that is $300million saving, so in one-half year that $500million will be paid off. Mind you the announcement did say $2billion syngery, so if each company should have $1billion saving, although they did not eleborate how that is achieved, but just looking at operating cost, I am comfortable enough, let alone the roaming cost could be reduced.