The Bangladesh Telecommunication Regulatory Commission (BTRC) has given its blessing to Bharti Airtel to conduct a 70% stake acquisition in Warid Telecom (Bangladesh) for around US$300m from the Abu Dhabi Group.
Goldman Sachs is understood to be advising…
The Bangladesh Telecommunication Regulatory Commission (BTRC) has given its blessing to Bharti Airtel to conduct a 70% stake acquisition in Warid Telecom (Bangladesh) for around US$300m from the Abu Dhabi Group.
Goldman Sachs is understood to be advising Warid.
BTRC chairman Zia Ahmed has gone on record saying that he has approved the deal.
The purchase will be carried out thorough an issue of new shares.
Warid has been looking to offload a stake in its Bangladeshi unit for some time now but has failed to find a suitor. However, with the collapse of Bharti’s much hyped US$24bn merger with MTN last year, the Indian firm has plenty of cash for acquisitions.
Warid, which commenced operations in the country in 2007, is Bangladesh’s fourth largest telco with 2.79 million subscribers.
