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1-min read

Airtel Sold Out Burkina Faso Subsidiary to Orange

The deal would help Orange in boosting its presence in Africa along with two additional countries

news18techintern | News18.com

Updated:June 24, 2016, 1:27 PM IST
Airtel Sold Out Burkina Faso Subsidiary to Orange
Airtel join hands with Orange Corporation.

Bharti Airtel has completed sale of its Burkina Faso subsidiary to Orange, a regulatory filing by the company said on Thursday.

"We wish to inform that Orange has completed the acquisition of 100 per cent of the operations of Airtel in Burkina Faso via its subsidiaries. We shall update the exchange regarding the process for Sierra Leone as and when it is completed," the company said in a statement to the BSE.

Bharti Airtel had earlier in January intimated the bourse about its selling of Burkina Faso and Sierra Leone assets to Orange.

"Orange will acquire 100 per cent of the two companies' share capital. The consolidated revenue of the two companies is around 275 million euros. These acquisitions will be implemented in partnership with Orange's subsidiaries in the Cote d'Ivoire and Senegal," the earlier statement said.

Airtel, in July last year, had announced that it is entering an agreement with Orange to sell its four subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone in Africa.

These acquisitions will be implemented in partnership with Orange's subsidiaries in the Cote d'Ivoire and Senegal.

Through this deal, Orange will reinforce its presence in Africa with two additional countries, adding almost 5.5 million users to its mobile customer base.

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