Bharti Airtel provides update on subsidiary - Bharti Airtel International (Netherlands) BV (Airtel)

Orange acquires Airtel's operations in Burkina Faso & Sierra Leone

Orange and Bharti Airtel International (Netherlands) BV (Airtel) have signed an agreement leading to Orange's acquisition of Airtel's operations in Burkina Faso and Sierra Leone.

Orange will acquire 100% 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 Ce d'Ivoire and Senegal.

The outlay for Orange for these transactions will be based on the financials of Airtel's two subsidiaries for the year ended 31 March 2016 and will represent the equivalent of 7.9 times Airtel's EBITDA in these two countries at this time. The completion of these transactions remains subject to approval by the competent authorities.

This is further to the initial agreement signed between Airtel and Orange in July 2015 regarding the potential acquisition of Airtel's operations in Burkina Faso, Sierra Leone, Chad and Congo Brazzaville. The agreements regarding potential transactions in the remaining two countries have lapsed.

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