Bharti Airtel has agreed to hand over part of its stake in wireless operator Airtel Tanzania to the local government, in order to settle a dispute in ownership. Reuters cites a statement from the president’s office as saying that Bharti Airtel’s stake will be reduced from 60% to 51%, with state ownership rising from 40% to 49%. The value of the share transfer deal was not provided.
In December 2017 President John Magufuli claimed that the cellco was originally transferred from state-owned Tanzania Telecommunications Company Limited (TTCL) illegally and started talks to retake what it said was the government’s rightful share of the business. For its part, Bharti Airtel said it had received all the required approvals from the state when it bought its stake and had complied with all government rules.