Essar on Saturday said that it has sold its telecom business in Kenya to Safaricom and Airtel for around $120 million. The deal marks the exit of Essar from the telecom business, having started the process in 2010 with the sale of its telecom tower business to ATC, which was followed by the sale of its 33 per cent stake in Vodafone Essar for $5.2 billion in 2011.
In July it sold its US-based outsourcing company, Aegis US, to Teleperformance for $610 million. Essar Capital, the fund manager of Essar Global Fund Ltd (EGFL), which through its portfolio company Essar Telecom Kenya Ltd operates the yuMobile telecom service in Kenya, on Saturday announced the signing of binding agreements with Safaricom and Airtel for sale of its telecom business in Kenya for $120 million.
The divestment will see Safaricom take over Essar Telecom’s network, IT and office infrastructure while Airtel will acquire the company’s subscribers. ‘Airtel Networks Kenya (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Ltd, which operates under the brand name ‘yuMobile’, to acquire its over 2.7 million subscribers,’ Bharti Airtel said in a statement.
In July it sold its US-based outsourcing company, Aegis US, to Teleperformance for $610 million. Essar Capital, the fund manager of Essar Global Fund Ltd (EGFL), which through its portfolio company Essar Telecom Kenya Ltd operates the yuMobile telecom service in Kenya, on Saturday announced the signing of binding agreements with Safaricom and Airtel for sale of its telecom business in Kenya for $120 million.
The divestment will see Safaricom take over Essar Telecom’s network, IT and office infrastructure while Airtel will acquire the company’s subscribers. ‘Airtel Networks Kenya (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Ltd, which operates under the brand name ‘yuMobile’, to acquire its over 2.7 million subscribers,’ Bharti Airtel said in a statement.