YU Essar in pact to sell Kenya telecoms business
31 August 2014, 10:30
Nairobi - Essar Capital Ltd, part of
India's Essar conglomerate, said it had signed binding
agreements with Bharti Airtel Ltd and Safaricom Ltd
to sell its telecoms business in Kenya for about $120
Under the agreements, Safaricom will take over Essar Telecom
Kenya Ltd's network, IT and office infrastructure, while Bharti
Airtel will acquire its subscribers.
The deals received conditional approval from Kenya's
telecoms regulator in March.
Essar Telecom Kenya operates under the Yu brand name.
Global Fund Ltd, whose investment manager is Essar Capital, and
its partners had invested in the Kenyan telecoms company in
2007-08, according to a statement from Essar.
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