​Airtel buys WaridTel's Uganda arm - Times of India

The author has posted comments on this articleTNN | Apr 24, 2013, 06.09AM IST MUMBAI: The country's largest mobile telephony firm Bharti Airtel said on Tuesday that it has acquired rival Warid Telecom Uganda , giving it a combined market share of almost 40% in the African nation. Billionaire Sunil Mittal led Bharti is said to have bought the asset for about $100 million, though the financial details of the transaction were not disclosed. Airtel is present across 17 African countries through its $10.7-billion acquisition of Zain's continental unit in 2010. A press statement said the agreement between the telcos was subject to regulatory and statutory approvals. Airtel would also narrow the market share gap with rival MTN in a key African growth market. The New Delhi-headquartered telco will have 7.4 million subscribers in Uganda post the deal. MTN's share of the market is estimated at 48%. Analysts tracking the telecom industry said Airtel's move was meant to consolidate its position in the African country, a strategy that may be replicated in other parts of the continent as well. Airtel's combined African subscriber base stands at 62 million. The Indian telco had soaked in debt to buy Zain's African operations and is currently in the midst of a turnaround act. Manoj Kohli, MD and CEO (international), Bharti Airtel, said, "This 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 drive forward our vision of offering affordable best in-class services in Africa. This development will translate to a healthier telecom sector in Uganda which will be ready to invest and grow in wireless broadband and mobile commerce services." Airtel had earlier bought Warid Telecom's Bangladesh operations in 2010. Mohammed Nahayan, board member, Warid Uganda, said that the telecom operator was extremely pleased with this development as it promises to offer to Warid consumers added benefits and extensive 3G network, besides other products and services from Airtel's stable. Warid Telecom is an Abu Dhabi-based mobile telecommunication investment firm which provides services in Congo and Pakistan, besides Uganda. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFVdxGdie3-Eh_D0q39rpctpO3Yag&url=http://timesofindia.indiatimes.com/business/india-business/Airtel-buys-WaridTels-Uganda-arm/articleshow/19704625.cms

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