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BRIEF-Bharti Airtel and Millicom announce deal closure to combine operations in Ghana​
October 16, 2017 / 3:35 AM / a month ago

BRIEF-Bharti Airtel and Millicom announce deal closure to combine operations in Ghana​

Oct 16 (Reuters) - Bharti Airtel Ltd

* Says ‍Bharti Airtel and Millicom announce deal closure to combine operations in Ghana​

* Says Roshi Motman, current CEO of Tigo Ghana, will be new CEO of joint entity​ Source text - Bharti Airtel Limited (“Airtel”) and Millicom International Cellular S.A. (“Millicom”), through their respective subsidiaries, today announced the closure of the deal to combine their operations in Ghana. Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approx. USD 300 million. Both Airtel and Millicom will have Board representations and Management positions in the merged entity. The Ghana National Communications Authority (NCA) granted approval for the merger proposal early this month. The merged entity will become Ghana’s second largest mobile operator with close to 10 million subscribers. The combined networks of the two companies will cover more than 80% of Ghana’s population, in particular in villages and far flung areas, and serve customers with affordable world-class voice/ data services, affordable global roaming and mobile banking services. It will also have one of the largest sales and distribution network to enhance customer convenience. Roshi Motman, the current CEO of Tigo Ghana, will be the new CEO of the joint entity. The merged entity will be deconsolidated and treated as a strategic asset in the form of a Joint Venture and the company will continue to operate both brands - Airtel and Tigo. The process of business consolidation will take place over the next few weeks. Further company coverage:

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