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Bharti Airtel has moved higher by 4% to Rs 392, extending its previous day’s nearly 2% gain on NSE, after the company said it's arm signed an agreement to acquire over 2.7 million subscribers of yuMobile. The stock is trading at its highest level since February 2012.
“Airtel Networks Kenya Limited (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Limited, which operates under the brand name yuMobile to acquire its over 2.7 million subscribers,” Bharti Airtel said in a statement.
This transaction is subject to approval from Competition Authority of Kenya (CAK) and is likely to be concluded by fourth quarter of 2014. This will make Airtel Kenya a stronger No 2 player in the country. It currently has about 5 million subscribers in Kenya.
The stock opened at Rs 379 and touched a low of Rs 376 on NSE. A combined 1.69 million shares changed hands on the counter so far on NSE and BSE.
“Airtel Networks Kenya Limited (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Limited, which operates under the brand name yuMobile to acquire its over 2.7 million subscribers,” Bharti Airtel said in a statement.
This transaction is subject to approval from Competition Authority of Kenya (CAK) and is likely to be concluded by fourth quarter of 2014. This will make Airtel Kenya a stronger No 2 player in the country. It currently has about 5 million subscribers in Kenya.
The stock opened at Rs 379 and touched a low of Rs 376 on NSE. A combined 1.69 million shares changed hands on the counter so far on NSE and BSE.
