Airtel Africa withdraws from Kenyan subsidiary merger talks with Telkom -

Airtel Africa plc and Telkom Kenya Limited (Telkom) are no longer pursuing the completion of earlier merger talks, a notice at the Nigerian Bourse shows.

Airtel Networks Kenya Limited (Airtel Kenya) an Airtel Africa Plc subsidiary, and Telkom Kenya Limited (Telkom) amongst other parties, had on February 8, 2019, entered into an agreement to combine their businesses in Kenya.

The aim was to create an integrated telecommunications platform with mobile, enterprise, and wholesale divisions (the Transaction). The completion of the transaction was subject to the satisfaction of various conditions precedent, including regulatory approvals.

Despite Airtel Africa plc and Telkom respective endeavours to reach a successful closure, the Transaction has gone through a very lengthy process which has led the parties to reconsider their stance.

Raghunath Mandava, Airtel Africa CEO and MD said: “Kenya is a large and growing market and we remain committed to building a growing profitable business. We currently serve more than 14 million Kenyan customers, a number that is growing month on month, and in the last quarter, our revenue numbers were up double-digit in constant currency in Kenya. Our strategy to focus on winning more customers, invest in the best in class voice and data network, and progressively expand our mobile money business, will continue to build on these results in order to deliver against the opportunities the Kenyan market has to offer”.

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.