Bharti Airtel Limited and Millicom International Cellular S.A yesterday announced that they have executed the definitive agreement with the Government of Ghana for the transfer of ‘AirtelTigo” to the Government of Ghana on a going concern basis. The proposed agreement will see the Government of Ghana acquire 100% shares of AirtelTigo along with all customers, assets, and liabilities.
AirtelTigo will become and operate as a State entity post the transaction entailing a seamless takeover by the Government of Ghana post which Airtel Togo will become and operate as a State entity.
“The unsustainable non controlled JV will be handed to the GoG, who are committed to reviving the company making suitable investments etc. and operate the company while protecting the interests of the customers, employees of the company and all other stakeholders.The transaction is subject to closing of the mutually agreed conditions and Airtel and Millicom along with GoG will expeditiously complete the closing,” said Bharti Airtel in a prepared statement.
Airtel has already written off the investment and provided for in the prior accounts with no further provisions of any material nature envisaged by Airtel.