Bharti Airtel announced the signing of an agreement by its subsidiary, Airtel Networks Kenya Limited (Airtel Kenya) with Telkom Kenya Limited (Telkom Kenya) for merging their respective Mobile, Enterprise and Carrier Services businesses in Kenya to operate as - "Airtel- Telkom."
The finalization and closure of the transaction is subject to approval by the relevant authorities, the telecom company said in the regulatory filing.
As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale, operational efficiency and strategic brand presence.
The entity will invest in networks to further accelerate roll out of future technologies. The Enterprise and Carrier Services businesses should benefit from a larger fibre footprint and an increased number of enterprise customers - including both large corporations and SMEs who would have access to a diverse portfolio of world-class solutions.
Bharti Airtel Ltd ended at Rs313.60 up by Rs2.65 or 0.85% from its previous closing of Rs310.95 on the BSE. The scrip opened at Rs310.90 and touched a high and low of Rs314.40 and Rs306.20 respectively.
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