Bharti Airtel on Tuesday said it has entered into a definitive agreement with UAE-based Warid Group to acquire Warid Telecom Uganda, strengthening its footprint in the African region.
New Delhi: Bharti Airtel on Tuesday said it has entered into a definitive agreement with UAE-based Warid Group to acquire Warid Telecom Uganda, strengthening its footprint in the African region.
After the acquisition, existing 2.8 million Warid customers in Uganda will join Airtel's network that serves over 269 million customers globally, the company said in a statement.
It, however, did not reveal financial details of the deal.
"... It has entered into a definitive agreement with the Warid Group to fully acquire Warid Telecom Uganda...The agreement is subject to regulatory and statutory approvals," the statement said.
After the acquisition, Airtel will further consolidate its position as the second largest mobile operator in Uganda with a combined customer base of over 7.4 million and market share of over 39 percent, it added.
Bharti Airtel, the country's largest mobile telecom operator, had made a foray into the African region in 2010 by acquiring Zain Telecom's operations in 15 countries of that region. Now, it has operations in 17 African countries, including Nigeria and Uganda.
In 2010 too, the company had acquired 70 percent stake in Warid Telecom Bangladesh.
"We are delighted at this agreement with Warid, which also happens to be the first in-market acquisition in Bharti Airtel?s history. We believe this market consolidation offers great synergies by bringing together the best of Airtel and Warid to better serve customers in Uganda," Bharti Airtel MD and CEO (International) Manoj Kohli said.
"We are extremely pleased with this development, which offers Warid consumers added benefits like wider network coverage, most extensive 3G network and world class products and services from one of the world?s largest mobile services provider," Warid Uganda Board Member Mohammed Nahayan said.