Bharti Airtel, a leading integrated telecommunications company said that it has entered into a definitive agreement with the Warid Group to fully acquire Warid Telecom Uganda.
With this, Airtel will further consolidate its position as the second largest mobile operator in Uganda with a combined customer base of over 7.4 million and market share of over 39%, the company said. The agreement is subject to regulatory and statutory approvals.
"The agreement aims to bring together the strengths of Airtel and Warid in Uganda and offer benefits to customers in the form of a superior and wider network, affordable voice and data services, and superior customer care," the company said.
Airtel currently has 4.6 million customers in Uganda. The existing 2.8 million Warid customers in Uganda will join Airtel's global network that serves over 269 million customers.
Manoj Kohli, managing director and chief executive officer (International), Bharti Airtel said, ''We are delighted at this agreement with Warid, which also happens to be the first in-market acquisition in Bharti Airtel's history. We believe this market consolidation offers great synergies by bringing together the best of Airtel and Warid to better serve customers in Uganda and drive forward our vision of offering affordable best in-class services in Africa. This development will translate to a healthier telecom sector in Uganda which will be ready to invest & grow in wireless broadband & m-Commerce services. ''
Shares of the company declined Rs 1.65, or 0.55%, to trade at Rs 299.10. The total volume of shares traded was 398,317 at the BSE (3.29 p.m., Tuesday).