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Bharti Airtel raises stake in Nigeria unit by 13.36 percent

By The Citizen
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India’s top mobile phone operator, Bharti Airtel Ltd, announced on Wednesday it had acquired an additional 13.36 percent stake in Nigerian unit, Airtel Networks Ltd, from existing shareholders.

The acquisition increased its total holding in the Nigerian unit to 79.06 percent.

“Bharti Airtel Limited has announced that its wholly-owned subsidiary, Bharti Airtel Nigeria B.V., has acquired an additional (around) 13.36 equity stake in Airtel Networks Limited, Nigeria from certain existing shareholders,” Bharti Airtel said in a statement.

“With this acquisition, Bharti Airtel Nigeria B.V. now owns 79.06 per cent equity stake in Airtel Networks Limited, Nigeria,” it added.

Financial terms of the deal were not disclosed. The company didn't reveal the price it paid. It also didn't name the shareholders from whom it bought the stake.

Nigeria accounts for more than a third of Bharti's customers in Africa and about 10% to its consolidated profit.