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Bharti Airtel today acquired additional 13.36% stake in its Nigerian entity, through its wholly owned subsidiary, Bharti Airtel Nigeria.
This stake has been acquired from “certain existing shareholders”, the company said in a communication to the stock exchanges. The financial details of this acquisition have not been mentioned.
With the latest stake purchase, the subsidiary Bharti Airtel Nigeria now owns around 79% stake in Airtel Networks, Nigeria. This would consolidate Airtel's position over its Nigerian assets.
Airtel's ownership of the Nigerian entity was entangled in legal battles. Econet Wireless a 5% stakeholder in the entity has filed court cases as well as sought damages, after opposing sale of the Nigerian business.
Bharti Airtel acquired Kuwaiti telecom company's Zain's African assets in 2010 for $10.7 billion (Rs 57,887 crore). Their African assets are spread across various countries of the continent.
The total market of telecom subscribers in Nigeria is around 36 million, and Airtel has around six million subscribers, in the market.
Airtel has around 23 million subscribers in Nigeria with around 20% market share. The total Nigerian market is over 100 million.
Airtel's stock went up by around 0.6% to Rs 317 per share at 1:47 pm.
