MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
Airtel Picks Up Rwandatel's Tower Assets
Bharti Airtel's African arm is reported to have bought the tower network infrastructure owned by Rwanda's bankrupt Rwandatel.
Bharti Airtel paid US$15.5 million for the towers, according to local media reports, and will use them to boost its own network which is being built after it was awarded a license last September. At the time, the company said that it plans to invest over US$100 million in the country over the next three years.
Rwandatel is having its assets sold after the company was put into liquidation by the courts last year. Before that, the regulator had cancelled its mobile network operating license for allegedly failing to meet its license conditions.
The telecom company was partially owned by Libyan investment group - Lap Green - with an 80% stake and the Social Security Fund of Rwanda (SSFR) which has 20 percent.