wordpress blog stats
Connect with us

Hi, what are you looking for?

Bharti Airtel Increases Stake In Airtel Networks Nigeria To 79.1%

airtel_Logo

India’s largest telecom operator Bharti Airtel has announced that it has acquired an additional 13.36% stake in Airtel Networks Limited, Nigeria from certain existing shareholders, through its wholly owned subsidiary Bharti Airtel Nigeria.

While the financial details of this acquisition were not disclosed, the company said that following this acquisition, Bharti Airtel Nigeria now owns 79.06% stake in Airtel Networks Limited, Nigeria.

Airtel v/s Econet Wireless: Bharti Airtel Nigeria previously held 65.7% stake in Airtel Networks Limited, Nigeria as part of the Zain Africa acquisition. However, the ownership has been under arbitration for the past two years, since the South Africa based Econet Wireless which held 5% stake in the entity, believed that it had the first right to buy Zain Nigeria and had filed an appeal against Airtel.

In January 2012, the Nigerian High Court ordered Airtel to reinstate Econet Wireless’s 5% stake, following which Airtel had immediately filed an appeal against the judgement along with an injunction to stop Econet from exercising its rights as per the court judgment. A month later, Econet had filed a counter affidavit opposing Airtel’s injunction appeal. It also filed a lawsuit against Bharti Airtel seeking atleast $3.1 billion damages over the ownership dispute.

In May 2012, the Nigerian High Court had dismissed Airtel’s stay order and in October 2012, the Lagos High Court in Nigeria had dismissed (pdf) Bharti Airtel’s appeal.

Advertisement. Scroll to continue reading.

Airtel’s African Financials: For the quarter ending December 2012, Airtel had reported (pdf) total revenues of Rs 6,169 crore and a net loss of Rs 520 crore in the African continent. It had reported to have 61.69 million subscribers (Excel file) in the continent as of December 2012.

Bharti Airtel currently operates in 17 countries in Africa including Nigeria, Burkina Faso, Chad, Congo B, Democratic Republic of Congo, Gabon, Madagascar, Niger, Ghana, Kenya, Malawi, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia. It also offers 3G services in 11 countries including Ghana, Kenya, Nigeria, Tanzania, Zambia, Congo B, Sierra Leone, Malawi, Uganda, Rwanda and Madagascar.

Related:
Airtel Completes Zain Acquisition; Plans, Targets & Nigeria
Airtel Acquires Zain Africa At $254.76 Per Customer; Regulatory Approvals Required
Airtel In Talks To Acquire Zain Africa

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ