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Airtel to buy Millicom's operations in Rwanda

Airtel at present operates in 15 African countries apart from India and South Asia

Press Trust of India  |  New Delhi 

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Telecom operator today said that it has signed an agreement with International Cellular S. A. to acquire 100 per cent stake in its operation which operates under the brand name of Tigo "Limited...has entered into a definitive agreement with International Cellular S.

A. (Millicom) under which Airtel Limited will acquire 100 per cent equity interest in Tigo Limited," said in a statement. Under this deal, Tigo's 370 million customers will join the network of Airtel The will make Airtel the second largest operator in the country with revenues of over USD 80 million and a market share of over 40 per cent, the statement said. "The consideration for the is based on approximately 6x multiple, payable over two years. The agreement is subject to regulatory and statutory approvals," the statement said. Airtel at present operates in 15 African countries apart from and "Airtel and Tigo have already merged their operations to create a strong viable entity in Today, it has taken yet another important step to acquire Tigo to become a profitable and a strong challenger in a two-player market," Chairman, said. In the past, Airtel acquired assets in (Warid) and Congo B (Warid), (yu Mobile) and consolidated operations in (Millicom). "We are also committed to the long term viability of our operations in two other countries i.e. and Tanzania, to ensure that in 2018 all our 15 operations in start contributing positive margins and cash flows towards a healthy and profitable Airtel Africa," Mittal said. Airtel is one of the largest telecom service providers across the continent in terms of geographical reach and had close to 83 million customers at the end of quarter ended September 30, 2017, the statement said.

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First Published: Wed, December 20 2017. 00:55 IST
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