India's Essar says in binding pact to sell Kenya telecoms business
MUMBAI Aug 30 (Reuters) - Essar Capital Ltd, part of India's Essar conglomerate, said it had signed binding agreements with Bharti Airtel Ltd and Safaricom Ltd to sell its telecoms business in Kenya for about $120 million.
Under the agreements, Safaricom will take over Essar Telecom Kenya Ltd's network, IT and office infrastructure, while Bharti Airtel will acquire its subscribers.
The deals received conditional approval from Kenya's telecoms regulator in March.
Essar Telecom Kenya operates under the Yu brand name. Essar Global Fund Ltd, whose investment manager is Essar Capital, and its partners had invested in the Kenyan telecoms company in 2007-08, according to a statement from Essar. (Reporting by Devidutta Tripathy; Editing by Mark Heinrich)
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Probe: Athletes took fake classes at University of North Carolina
- Man arrested near Canada's prime minister in sign of tensions |
- Man arrested after jumping White House fence, causing lockdown
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria: monitor