Bharti Airtel Limited and Millicom International Cellular S.A., have closed the deal to combine their operations in Ghana.
A company statement said, "Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approx. $300 million. Both Airtel and Millicom will have board representations and management positions in the merged entity. The Ghana National Communications Authority granted approval for the merger proposal early this month."
The merged entity will become Ghana’s second largest mobile operator with close to 10 million subscribers, the statement added.
Roshi Motman, the current CEO of Tigo Ghana, will be the new CEO of the joint entity. The merged entity will be deconsolidated and treated as a strategic asset in the form of a Joint Venture and the company will continue to operate both brands - Airtel and Tigo. The process of business consolidation will take place over the next few weeks.
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