Mergers & Acquisitions | |
Mergers & Acquisitions | |
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Wednesday, August
05, 2020 / 02:50 PM / by NSE / Header Image Credit: Ecographics
Airtel Networks Kenya Limited ("Airtel Kenya") an Airtel
Africa PLC subsidiary, and Telkom Kenya Limited ("Telkom") amongst other
parties, had entered into an Agreement dated 8th February, 2019 to combine
their businesses in Kenya, so as to create an integrated telecommunications
platform with mobile, enterprise, and wholesale divisions (the "Transaction").
The completion of the Transaction was subject to the
satisfaction of various conditions precedent, including regulatory approvals.
Despite Airtel Africa plc and Telkom respective
endeavours to reach a successful closure, the Transaction has gone through a
very lengthy process which has led the parties to reconsider their stance.
Accordingly, Airtel Africa plc and Telkom have decided to no longer pursue
completion of the Transaction.
Raghunath Mandava, Airtel Africa CEO and MD said: "Kenya is a large and growing market and we remain committed to build a growing
profitable business. We currently serve more than 14 million Kenyan customers,
a number that is growing month on month, and in the last quarter our revenue
numbers were up double digit in constant currency in Kenya. Our strategy to
focus on winning more customers, invest in a best in class voice and data
network and progressively expand our mobile money business, will continue to
build on these results in order to deliver against the opportunities the Kenyan
market has to offer".
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