Bharti Airtel Joined Hands with Zain to Aquire Zain Africa BV
Bharti Airtel has joined hands with Zain Africa BV to acquire Zain Africa BV. After the launch Bharti Airtel will become world’s fifth greatest wireless company covering operation across 18 countries.
According to agreement, Bhiarti Airtel will acquire Zain Africa BV service in 15 countries having over 42 million customer base. Zain is already having service operations in 10 of these countries. After this acquisition, Bharti Airtel will be the world’s fifth largest wireless company having operations across 18 countries. Bharti is also planning to start operations in 3 more countries i.e. in Seychelles, Jersey, and Guernsey. The company will become the second largest population coverage company among Telcos globally.
Mr. Sunil Bharti Mittal, Chairman and Managing Director, Bharti Airtel said, “This agreement is a landmark for global telecom industry and game changer for Bharti. More importantly, this transaction is a pioneering step towards South South cooperation and strengthening of ties between India and Africa. With this acquisition, Bharti Airtel will be transformed into a truly global telecom company with operations across 18 countries fulfilling our vision of building a world-class multinational.
We are excited at the growth opportunities in Africa, the continent of hope and opportunity. We believe that the strength of our brand and the historical Indian connect with Africa coupled with our unique business model will allow us to unlock the potential of these emerging markets. We are committed to partnering with the governments in these countries in taking affordable telecom services to the remotest geographies and bridging the digital divide. I would also like to compliment the Zain group for building world-class operations in Africa and we have enjoyed working with them on this transaction.”
Mr Mittal further added, "The extremely tight time lines and the enormity of the task posed a real challenge. Bharti was able to achieve this important milestone through much hardwork and support from SingTel and the external advisors. Appreciation is in order for all the team members involved in this transaction."