Bharti Airtel Ltd, India's top mobile phone operator, announced on Wednesday that it had acquired an additional 13.36% stake in its 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.