African operations to contribute to profit, says Mittal

Indian telecom group, Bharti Airtel, is to acquire Tigo Rwanda Ltd under an agreement with owner Millicom International Cellular S.A.

Bharti has a definitive agreement with Millicom under which Airtel Rwanda Limited will acquire 100% equity interest in Tigo Rwanda.

Tigo’s 370 million customers will join the network of Bharti’s Airtel Rwanda.

The acquisition will make Airtel Rwanda the second largest operator in the country with revenues of over US$80 million and a revenue market share of over 40%, a Bharti statement said.

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

“Airtel and Tigo have already merged their operations to create a strong viable entity in Ghana. Today, it has taken yet another important step to acquire Tigo Rwanda to become a profitable and a strong challenger in a two-player market,” Bharti Airtel Chairman, Sunil Bharti Mittal said.

Airtel has already acquired assets of Warid in Uganda and Congo B as well as Kenya’s yu Mobile. It has consolidated Millicom operations in Ghana.

“We are also committed to the long-term viability of our operations in two other countries i.e. Kenya and Tanzania, to ensure that in 2018 all our 15 operations in Africa start contributing positive margins and cash flows towards a healthy and profitable Airtel Africa,” Mittal said. fii-news.com