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Bharti Airtel acquires Econet Wireless’ stake in its Nigerian subsidiary

November 28, 2016
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Bharti Airtel has completed the acquisition of Econet Wireless Limited's entire 4.2 per cent stake in Airtel Nigeria. With this, Airtel's overall holding in Airtel Nigeria has increased to 83.25 per cent.

The financial details of the transaction have not been disclosed. However, Econet had valued the stake at $3 billion.

Bharti Airtel had earlier informed that it would receive $129 million payment from Kuwait-based Zain Telecom over a settlement related to the sale of Zain’s Africa operations to Airtel in 2010. Zain had completed the sale of its Africa business, which included operations across 15 countries in 2010. However, Airtel later ran into a dispute with Econet Wireless, a minority stakeholder in Zain Telecom. Airtel also lost a court case in Nigeria and potentially faced $3 billion in payouts over a 5 per cent stake claimed by Econet Wireless in its Nigerian unit. Airtel has said that a settlement has now been reached with Econet Wireless, resolving all claims and disputes between the two, including in Nigeria and Netherlands.

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