Nov 05, 2013, 10.24 AM IST
The acquisition will make Airtel the largest mobile operator in Congo Brazzaville with around 2.6 million customers, the release said, adding the deal was subject to regulatory and statutory approvals.
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Bharti to acquire Warid Group's Congo arm; stock down 2.4%
The acquisition will make Airtel the largest mobile operator in Congo Brazzaville with around 2.6 million customers, the release said, adding the deal was subject to regulatory and statutory approvals.
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Bharti to acquire Warid Group's Congo arm; stock down 2.4%
The acquisition will make Airtel the largest mobile operator in Congo Brazzaville with around 2.6 million customers, the release said, adding the deal was subject to regulatory and statutory approvals.
Bharti Airtel Wednesday said it has entered into a definitive agreement with the Warid Group to fully acquire Warid Congo SA, without mentioning the acquisition price.
The stock market appeared unenthused by the deal, and Bharti shares were dow 2.4 percent to Rs 356.65 in morning trade.
The acquisition will make Airtel the largest mobile operator in Congo Brazzaville with around 2.6 million customers, the release said, adding the deal was subject to regulatory and statutory approvals.
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At present, Airtel is the second largest operator in Congo with over 1.6 million customers, while Warid is the third largest with around one million customers.
The agreement marks the second in-country acquisition by Airtel in Africa. It had acquired Warid's Uganda operations earlier this year.
Speaking on the agreement, Mr. Manoj Kohli, MD and CEO (International), Bharti Airtel said: "This acquisition is in line with our stated strategy of strengthening our market position through in-country acquisitions, as and when suitable opportunities comes along. We are at an advance stage of successfully integrating Waird's Uganda operations with that of Airtel and look forward to a similarly swift transition in Congo Brazzaville as well."
With presence across 17 African countries, Airtel is the largest telecom service provider across the Continent in terms of geographical reach and had over 66 million customers at the end of quarter ended September, 2013.
On November 05, 2013, at 14:16 hrs Bharti Airtel was quoting at Rs 358.90, down Rs 6.45, or 1.77 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 266.95.
The company's trailing 12-month (TTM) EPS was at Rs 11.45 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 31.34. The latest book value of the company is Rs 135.70 per share. At current value, the price-to-book value of the company was 2.64.
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