Bharti Airtel has confirmed that full ownership of its Ghana joint venture with Millicom, AirtelTigo had been transferred to Ghana government, ending a process started in October 2020 when the two groups revealed plans to leave Ghana.
In a brief statement filed with the National Stock Exchange of India on November 3, Airtel confirmed the deal had concluded as planned, with 100 per cent of AirtelTigo shares now with the Ghanaian Government.
Earlier this year, Ghana’s Ministry of Communications and Digitalisation released a statement confirming it had negotiated the transfer of AirtelTigo’s customer base, assets and “agreed liabilities”, which included some US$100 million debt to Standard Chartered.
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At the time it noted the operator would be run by the state in the “best interest of the nation, the company, telecommunications industry, and ensure the protection of the interests of all employees, customers, contractors, suppliers, stakeholders and sustain the digital transformation of Ghana”.
Although financial details of the deal were not formally announced by either operator, in April, Ghana’s sector minister, Ursula Owusu-Ekuful announced government paid only US$1 for all of AirtelTigo shares.
Meanwhile, both Bharti Airtel and Millicom had each reported to their respective shareholders that they each made US$25 million from the sale.
