Airtel acquires Econet’s stake in Nigerian arm

Telecom operator Bharti Airtel on Saturday said it has acquired the 4.2 per cent stake held by Econet Wireless in its Nigerian arm.

“Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary, has completed the acquisition of Econet Wireless Limited’s entire 4.2 per cent shareholding in Airtel Nigeria.

“As a result, Airtel’s overall holding in Airtel Nigeria has increased to 83.25 per cent,” Airtel said in a statement.

Though financial details of the deal were not disclosed, Econet had valued the stake at $3 billion.

After acquiring Zain’s telecom business for $10.7 billion in 2010, Airtel ran into a dispute with Econet Wireless — a minority stakeholder in Zain Telecom.