Bharti Airtel to acquire Millicom's operations in African country Rwanda strengthening its endeavor in the continent
Source :NewsBharati   Date :19-Dec-2017

Kigali, December 19: The giant telecom operator Bharti Airtel has entered into an agreement with Millicom International Cellular S.A. to acquire 100 percent stake in its Rwanda operation which operates under the brand name of Tigo Rwanda. The agreement will definitely strengthen Bharti Airtel’s operation in Africa.

“Bharti Airtel Limited...has entered into a definitive agreement with Millicom International Cellular S.A. (Millicom) under which Airtel Rwanda Limited will acquire 100 percent equity interest in Tigo Rwanda Limited,” Bharti Airtel said in a statement.

Under this agreement, Tigo's 370 million customers will join the network of Airtel Rwanda. This will turn Airtel into the second largest operator in the African country with revenues of over USD 80 million. Airtel is one of the largest telecom service providers across the continent in terms of geographical reach.

The company aims to extend its business and make Airtel Africa’s venture more profitable. It also wants to focus on long-term sustainability of its operations in two other countries i.e. Kenya and Tanzania. The aim is to ensure that in 2018 all 15 operations in Africa start contributing positive margins and cash flows towards Airtel Africa

“Airtel and Tigo have already merged their operations to create a strong viable entity in Ghana. Today, it has taken yet another important step to acquire Tigo Rwanda to become a profitable and a strong challenger in a two-player market,” Bharti Airtel Chairman, Sunil Bharti Mittal said.