Airtel acquires Econet's stake in Nigerian arm

Telecom operator Bharti Airtel on Saturday said it has acquired the 4.2 per cent stake held by Econet Wireless in its Nigerian arm.

"Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary, has completed the acquisition of Econet Wireless Limited's entire 4.2 per cent shareholding in Airtel Nigeria.

"As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25 per cent," Airtel said in a statement.

Though financial details of the deal were not disclosed, Econet had valued the stake at $3 billion.

After acquiring Zain's telecom business for $10.7 billion in 2010, Airtel ran into a dispute with Econet Wireless — a minority stakeholder in Zain Telecom.

Earlier this month, Airtel said its subsidiary has reached an agreement with Zain Telecom, pursuant to which Zain is to pay Airtel approximately $129 million for the settlement of all of Airtel's claims on account of the Nigeria litigation, certain tax matters and associated legal costs.

It also said a separate settlement has been reached between Airtel and Econet Wireless Limited, settling all claims and disputes between the two, including in Nigeria and Netherlands.