Indian telecommunications firm Bharti Airtel has announced that it is nearing conclusion to lease its share in AirtelTigo Ghana to the government.
The acquisition of 100% shares of merged companies; Airtel and Tigo, by the Government of Ghana is believed to be in an advanced stage
Government of Ghana indicated that,the decision is aimed at protecting jobs and safeguarding the interest of stakeholders of AirtelTigo which has some 5.1 million customers.
In a statement to the Bombay Stock Exchange, Bharti Airtel said: “The parties are in advance stages of discussions for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the government of Ghana.”
This will see the Indian firm receiving about $25 million as impairment charge for the transaction.
If it concludes, the deal will see the government of Ghana acquiring 100 percent shares in Airtel Ghana Limited, which in 2017 merged with Millicom Ghana’s Tigo to become AirtelTigo.
Airtel holds 49.95 percent share in AirtelTigo.
The transfer of ownership, if successful, will see the government of Ghana inheriting all customers, assets, and agreed liabilities of the second-largest telecommunications company in Ghana.