Sunil Mittal’s Bharti Airtel will make an offer to buy the remaining 22% of Zambia’s leading telecommunications company, Zain Zambia, that it does not already own, according to local reports in India.
Bharti Airtel had already acquired the African…
Sunil Mittal’s Bharti Airtel will make an offer to buy the remaining 22% of Zambia’s leading telecommunications company, Zain Zambia, that it does not already own, according to local reports in India.
Bharti Airtel had already acquired the African business of Kuwaiti telco Zain in a US$10.7bn deal in June. As part of the transaction, Bharti inherited Zain’s business in 15 African countries, including Zambia. Bharti Airtel already owns 78% of Zain Zambia.
According to The Economic Times, due to Lusaka Stock Exchange rules, Bharti Airtel will have to make an open offer to Zain Zambia’s shareholders for the remaining equity.
When contacted, a Bharti Airtel spokesperson said that the timing of the open offer would be decided only after getting the necessary regulatory approvals from the relevant authorities in Zambia.
Last month, Bharti Airtel’s CEO, Manoj Kohli said the company wanted to work with Zambia’s government to extend telecom services to all parts of the country.
“We are here for the long run and want to be a partner in Zambia’s growth story.” he said.
