AIRTEL TO ACQUIRE 100% STAKE IN MILLICOM RWANDA (Tigo Rwanda) - CALIPHATE MEDIA

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Sunday, 31 December 2017

AIRTEL TO ACQUIRE 100% STAKE IN MILLICOM RWANDA (Tigo Rwanda)



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Caliphatemedia
December 31, 2017.  

Bharti Airtel has announced that it has signed an agreement with Millicom International Cellular SA for the acquisition of 100% equity stake in its Rwanda operations which operates under the brand name of Tigo Rwanda. As at the time of the announcement, details of the transaction were not made public.



This is a follow up to an earlier agreement Airtel had with Millicom International in March for a merger of operations in Ghana through their respective subsidiaries Airtel Ghana Ltd and Tigo Ghana Ltd.

Bharti Airtel chairman Sunil Bharti Mittal said “The acquisition will consolidate the Rwandan telecom market and position Airtel as a strong number 2 operator in Rwanda.”
 “The consideration for the transaction is based on approximately 6x EBITDA multiple, payable over two years. Airtel has taken proactive steps in Africa to consolidate and realign the market structure in the last few remaining countries where its operations are lagging on account of lower market share and presence of too many operators”
“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,” he added.

Airtel currently operates in 15 African countries including Nigeria and South Africa.
Airtel has made several efforts to strengthen and solidify its position in the African continent through merger and acquisitions such as the acquisition of Warid assets in Uganda and Congo Braservile, acquisition of Yu mobile of Kenya and the merger with Millicom of Ghana.

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