The deal was announced in January 2016. Airtel is selling some of the business in Africa to repay its debt.
Airtel is the second largest mobile operator in Burkina Faso, with close to 4.6 million customers. Airtel’s mobile financial services is interoperable with Orange Money in neighbouring countries allowing international transfers to be made. Airtel has rolled out 3.75G network in over 100 towns.
This acquisition strengthens Orange’s presence in Africa by confirming is proactive strategy in the African market.
Bruno Mettling, chairman and CEO of Orange MEA (Middle East and Africa), said: “This acquisition will further strengthen the Group’s positions on the African continent.”
Meanwhile, 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.
The consolidated revenue of the two companies — Burkina Faso and Sierra Leone — 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.