Bharti Airtel Limited has said that it has completed the deal to combine operations in Ghana with Millicom International Cellular S.A., through their respective subsidiaries.
Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approx. USD 300 million.
Both Airtel and Millicom will have Board representations and Management positions in the merged entity. The Ghana National Communications Authority (NCA) granted approval for the merger proposal early this month. The merged entity will become Ghana’s second largest mobile operator with close to 10 million subscribers. The combined networks of the two companies will cover more than 80 per cent of Ghana’s population, in particular in villages and far flung areas, and serve customers with affordable worldclass voice/ data services, affordable global roaming and mobile banking services. It will also have one of the largest sales and distribution network to enhance customer convenience.
Meanwhile, shares of the company were trading at Rs 436.25 apiece, up 1.08 per cent from the previous close at 10:14 hours on BSE.