Essar Capital Saturday announced the signing of binding agreements with Safaricom and Airtel for the sale of its telecom business in Kenya for $120 million.
The firm, through its portfolio company Essar Telecom Kenya Limited (ETKL), operates the popular yuMobile telecom service in Kenya.
According to the company, the sale transaction has received approval from the communication authority (CA) in Kenya and that the divestment will see Safaricom take over ETKL's network, IT (information technology)and office infrastructure while Airtel will acquire the company's subscribers.
Essar Capital further said that it expects the transaction to conclude during the fourth quarter of 2014, while yuMobile will continue to operate and serve customers, offering uninterrupted services.
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