The Government of Ghana has fully acquired the telecommunications firm AirtelTigo, Bharti Airtel has said in a regulatory filing to the Bombay Stock Exchange.
“This is further to our announcements dated 27 October 2020, and 16 April 2021, regarding the Government of Ghana’s takeover of ownership of AirtelfTigo Joint Venture. We wish to update you that the transaction has been completed and 100% shares of Airtel Tigo have been transferred to the Government of Ghana,” Bharti Airtel stated in the filing.
AirtelTigo is a joint venture between Bharti Airtel and the telecoms operator Millicom International Cellular SA, which worked together in Ghana.
The Indian telecoms operator owned a 49.95% stake in the joint venture. The venture was finalised in 2017.
“Suitable” investments
The transaction implies that AirtelTigo will now operate as a state-owned entity of the Government of Ghana. The terms of the transaction stipulate that 100% of Airtel Tigo’s shares have been transferred to the Government of Ghana.
“The unsustainable non-controlled JV will be handed to the Government of Ghana, who are committed to reviving the company, making suitable investments etc and operat[ing] the company while protecting the interests of the customers, employees of the company and all other stakeholders,” Bharti Airtel said in an earlier statement.
Under the terms of the transfer, which was agreed on a “going concern” basis, the sovereign will also acquire all customers, assets and liabilities of the joint venture.
The company said in its September-end quarterly results that its Ghana operations had about 5.1 million customers.
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