Telecom service provider Bharti Airtel is set to buy Warid Congo SA.
The agreement signed between Airtel and Warid Group is subject to regulatory and statutory approvals.
The company did not share financial details. The investment signals Airtel’s eagerness to expand in Africa in a big way.
This will be the second in-country acquisition by Airtel in Africa. Earlier this year, it had acquired Warid’s Uganda operations. Warid is in the process of exiting from several telecom markets including Pakistan.
The latest acquisition will make Airtel the largest mobile operator in Congo Brazzaville with around 2.6 million customers. At present, Airtel is the second largest operator in the country with over 1.6 million customers, while Warid is the third largest with around one million customers.
Manoj Kohli, MD and CEO (International), Bharti Airtel, is currently driving the company’s acquisition strategy. He said that this acquisition is in line with its strategy of strengthening its market position through in-country acquisitions, as and when suitable opportunities comes along.
With presence across 17 African countries, Airtel is the largest telecom service provider across the continent in terms of geographical reach and had over 66 million customers at the end of quarter ended September, 2013.