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Essar Sells Telecom Business to Safaricom and Airtel in Kenya for $ 120 Million

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Essar said it has sold its telecom business in Kenya to Safaricom and Airtel for approximately $ 120 million.

Essar Capital, the fund manager of Essar Global Fund Ltd (EGFL), which through its portfolio company Essar Telecom Kenya Limited, operates the yuMobile telecom service in Kenya, today announced the signing of binding agreements with Safaricom and Airtel for sale of its telecom business in Kenya for approximately $ 120 million.

The divestment will see Safaricom take over Essar Telecom’s network, IT and office infrastructure while Airtel will acquire the company’s subscribers. Original post ET Telecom

Wahengbam Rorrkychand

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