Africa deal makes Bharti world’s 5th largest telecom firmJune 8th, 2010 - 4:57 pm ICT by IANS
New Delhi, June 8(IANS) India’s top telecom player Bharti Airtel Tuesday said it has successfully concluded its $10.7-billion deal to acquire the African assets of Kuwait’s Zain, making it the world’s fifth largest mobile phone services company.
This is also the largest overseas acquisition of assets in Africa by an Indian company, even though it does not cover the Kuwaiti company’s operations in Sudan and Morocco. The total customer base of Bharti now stands at over 180 million in 18 countries.
This was Bharti’s third attempt to enter the largely untapped African market after the failure of merger pacts with South African telecom major MTN on two occasions. Africa accounts for a little over 60 percent of Zain’s 71.8 million customers.
The shares of Bharti Airtel, however, were 3.51 percent down at Rs.258.50 on the Bombay Stock Exchange (BSE).
“Bharti is now among the five largest mobile operators in the world. This will further strengthen the historic Indo-Africa economic and social ties and provide a big boost to South-South cooperation,” said group chairman Sunil Mittal.
The African countries in which assets have been acquired are Burkina Faso, Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania, Uganda, and Zambia.
Zain is the market leader in 10 of the 15 countries and second in four countries, the company said.
- Bharti is world's 5th largest telecom firm after Africa deal (Roundup) - Jun 08, 2010
- Bharti promises more than just telecom services to Tanzania - Jul 22, 2010
- Zain confirms nod to Bharti's offer for African telecom assets - Mar 25, 2010
- Bharti starts fund-raiser to buy Zain's African assets - May 27, 2010
- India's Bharti makes grand entry into Africa's telecom market - Mar 31, 2010
- Kuwait's Zain approves Bharti's bid to connect with Africa (Lead) - Mar 25, 2010
- Bharti to ink final agreement with Kuwait's Zain Tuesday - Mar 29, 2010
- Airtel revenue rises in Africa - May 02, 2012
- Kuwait's Zain accepts Bharti's offer for African assets - Mar 24, 2010
- Bharti starts 40-day talks to acquire Kuwait's Zain - Feb 15, 2010
- Bharti shares open strong after Zain Africa deal - Mar 31, 2010
- Airtel touches 50 million customers mark in Africa - Nov 30, 2011
- Bharti Airtel signs network expansion deal with Huawei - Jun 01, 2011
- Bharti and 15 others launch submarine cable system in Africa - Aug 05, 2010
- Bharti ties up $8.3 bn deal with Kuwait's Zain Telecom - Mar 21, 2010
Tags: african telecom, bharti airtel, bombay stock exchange, burkina faso, congo brazzaville, democratic republic of congo, group chairman, indo africa, kuwaiti company, mobile phone services, niger nigeria, overseas acquisition, republic of congo, social ties, south cooperation, sunil mittal, telecom firm, telecom player, third attempt, two occasions