New Delhi Bharti Airtel Ltd today said it has entered a definitive pact with the Warid Group to fully acquire Warid Congo SA. The agreement to acquire Warid's operations in Congo- Brazzaville, subject to regulatory and statutory approvals, would be the second in- country acquisition by Bharti in Africa, a company release said. Bharti had acquired Warid's Uganda operations earlier this year.
In a weak broad market, Bharti Airtel shares opened lower today. At 0922 IST, they traded down 0.8% at 362.25 rupees on the National Stock Exchange. Post this acquisition, Bharti Airtel will become the largest cellular operator in Congo- Brazzaville, with around 2.6 mln customers.
Bharti Airtel is India's second largest operator with over 1.6 mln customers, while Warid is the third largest in Congo with around 1 mln customers.
" This acquisition is in line with our stated strategy of strengthening our market position through in- country acquisitions, as and when suitable opportunities comes along," Manoj Kohli, Bharti Airtel's managing director and chief executive officer ( international), was quotes as saying. " We are at an advance stage of successfully integrating Waird's Uganda operations with that of Airtel and look forward to a similarly swift transition in Congo Brazzaville as well. The merger will bring more value for the customers in the form of affordable data & roaming tariffs, innovative products, Airtel Money, world- class networks and customer care," Kohli said.
In a weak broad market, Bharti Airtel shares opened lower today. At 0922 IST, they traded down 0.8% at 362.25 rupees on the National Stock Exchange. Post this acquisition, Bharti Airtel will become the largest cellular operator in Congo- Brazzaville, with around 2.6 mln customers.
Bharti Airtel is India's second largest operator with over 1.6 mln customers, while Warid is the third largest in Congo with around 1 mln customers.
" This acquisition is in line with our stated strategy of strengthening our market position through in- country acquisitions, as and when suitable opportunities comes along," Manoj Kohli, Bharti Airtel's managing director and chief executive officer ( international), was quotes as saying. " We are at an advance stage of successfully integrating Waird's Uganda operations with that of Airtel and look forward to a similarly swift transition in Congo Brazzaville as well. The merger will bring more value for the customers in the form of affordable data & roaming tariffs, innovative products, Airtel Money, world- class networks and customer care," Kohli said.
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