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Millicom International Cellular and Bharti Airtel have, through their respective subsidiaries, entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Millicom and Airtel would have equal ownership and governance rights in the combined entity.
The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80 per cent of Ghana’s population with high speed data, providing the widest 3G coverage across the country, and would have revenues close to $300 million, making it one of the largest communications companies in Ghana.
The transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.
Mohamed Dabbour, Executive Vice President, Millicom Africa, said: “In a highly fragmented telecom market, this deal represents a major milestone for our business in Ghana. The combination of Tigo and Airtel will create an operator that will be able to offer Ghanaian consumers and businesses a state of the art network with high speed mobile data coverage. This transaction underlines confidence in the Ghanaian economy, and provides the opportunity to develop nationwide digital infrastructure and services in Ghana.”