Ghana Government Buys 100% Shares Of Airtel For $25 Million
The Government of Ghana has reportedly acquired shares of Bharti Airtel, owners of AirtelTigo for $25 million.
The deal means the Government will buy 100% shares of Airtel Ghana Ltd which will include the acquisition of clients, assets, and agreed liabilities.
“The parties are in advance stages of discussions for the conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the Government of Ghana,” Airtel emphasized in a statement to the Bombay Stock Exchange on Wednesday.
AirtelTigo is a joint venture between Bharti Airtel and Millicom International Cellular, operators of Tigo in Ghana. The two merged in 2017, becoming the second-largest telecom operator in Ghana at the time.
The merger was approved by the regulator subject to the condition that the Ghana government will have the option to pick up a stake in the new entity in future.
Based on the quarterly results ending September 30, Airtel said its Ghana operations had a client base of 5.1 million.