Bharti Airtel gains as arm inks definitive agreement with Essar Telecommunications Kenya

 

  Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
     Bharti Airtel’s Airtel Networks Kenya has signed a definitive agreement with Essar Telecommunications Kenya which operates under the brand name ‘yuMobile’, to acquire its over 2.7 million subscribers. The company has taken this step pursuant to approval from the Communication Authority (CA) of Kenya. This transaction is subject to approval from Competition Authority of Kenya (CAK) and is likely to be concluded by fourth quarter of 2014.
     Airtel Networks Kenya is a wholly owned subsidiary of Bharti Airtel International Netherlands BV, an arm of Bharti Airtel.
     Stock is currently trading at Rs 376, up by 6.30 points from its previous closing of Rs 369.70 on the BSE.