NEW DELHI: Bharti Airtel has sold its operations in Burkina Faso and Sierra Leone to French telecom giant Orange, the firm announced in a statement here on Wednesday.
"Orange will acquire 100 percent of the two companies' share capital. The consolidated revenue of the two companies is around 275 million euros. These acquisitions will be implemented in partnership with Orange's subsidiaries in the CA'te d'Ivoire and Senegal," the statement said.
The completion of these transactions remains subject to approval by the competent authorities.
Lazard and Société Générale were advisors to Orange for this transaction. Airtel was advised by Arma Partners LLP.
Through this deal, Orange will reinforce its presence in Africa with two additional countries, adding almost 5.5 million customers to its mobile customer base.
The statement said this agreement is further to the initial contract signed between Airtel and Orange in July 2015 regarding the potential acquisition of Airtel's operations in Burkina Faso, Sierra Leone, Chad and Congo Brazzaville.
The agreements regarding potential transactions in the remaining two countries have lapsed.