08.27.10
Telecom Seychelles to be purchased by Bharti Airtel
Bharti Airtel informed about its plans to buy 100% stake in Telecom Seychelles for the price of US$62 million. Prior to this deal, Bharti purchased Zain Telecom’s Africa assets for US$10.7 billion, and with the acquision of Telecom Seychelles the company will expand to 19 countries in Africa.
Bharti Airtel’s spokesperson said that the company has never had any stake in Telecom Seychelles, and it was only using its brand name Airtel. Now Bharti Airtel will acquire all stake from its promoters to make it part of African operations.
Telecom Seychelles Limited started its operations in 1998 by offering mobile services. Today it has over 57% stake of the mobile market in Seychelles, offering 3G mobile and integrated wireline services across the country.