Bharti boosts stake in Airtel Nigeria to 79%

13 Mar 2013

Indian telecoms group Bharti Airtel has said that its wholly-owned Nigerian subsidiary has acquired an additional 13.36% stake in mobile operator Airtel Nigeria, raising its total shareholding in the cellco to 79.06%. ‘Bharti Airtel Limited has announced that its wholly-owned subsidiary, Bharti Airtel Nigeria B.V., has acquired an additional (around) 13.36% equity stake in Airtel Networks Limited, Nigeria from certain existing shareholders,’ India’s Economic Times cites a statement from Bharti Airtel as saying. ‘With this acquisition, Bharti Airtel Nigeria B.V. now owns 79.06% equity stake in Airtel Networks Limited, Nigeria,’ it added. Financial details of the transaction have not been disclosed. According to TeleGeography’s GlobalComms Database, Airtel is Nigeria’s third largest mobile operator by subscribers, with a customer base of 23.092 million at the end of December 2012, translating to a market share of 20.5%. Bharti Airtel entered the Nigerian market when it acquired the majority of Kuwait-based Zain Group’s African assets in June 2010; the cellco was rebranded from Zain to Airtel by the end of that year.

Nigeria, Airtel Nigeria, Bharti Airtel