Airtel has signed an agreement with Millicom International Cellular S.A. to acquire 100% stake in its Rwanda operation, which is operating under the brand name of Tigo Rwanda.

Sunil Bharti Mittal, Bharti Airtel Chairman stated, “Airtel and Tigo have already merged their operations to create a strong viable entity in Ghana. Today, it has taken yet another important step to acquire Tigo Rwanda to become a profitable and a strong challenger in a two-player market.”

As per the deal, 370 million customers of Tigo will join the network of Airtel Rwanda. Further, this deal will make Airtel Rwanda the 2nd largest operator in the country.

Moreover, consideration for the acquisition is based on approx 6x EBITDA multiple, to be paid over 2 years and the agreement is based on regulatory and statutory approvals.

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