Regent Logo

Mergers and Acquistions News

Categories: Telecoms

August 11th 2010, 16:50PM

Bharti Airtel, a telecom services provider for emerging markets, said today in a statement that its board of directors has backed the acquisition of Telecom Seychelles Limited, that country's leading telecoms operator.

Airtel will acquire 100 per cent of Telecom Seychelles at a value of $62 million (£39 million).

The acquisition is part of an expansion plan that will see the telecoms group increase its presence in 16 African countries, 19 countries globally.

This move builds on Airtel's $10.7 billion (£6.8 billion) acquisition of mobile telecoms group Zain in June of this year, giving it control of Zain operations in 15 African countries.

Manoj Kohli, chief executive officer (international) and joint managing director of Bharti Airtel, said: "We are delighted at the addition of Seychelles to our Africa portfolio. Telecom Seychelles has world-class operations that include state-of-the-art 3G services. These operations will benefit further by leveraging the efficiencies of scale of our African operations."

Telecom Seychelles was formed in 1998. With a 57 per cent share of the mobile market, today it provides 3G mobile and wireline services throughout the island, and is integrated with the Airtel brand.
      ADNFCR-1833-ID-800021710-ADNFCR

 

Related News