Bharti Airtel and Millicom, which uses the Tigo brand, have closed the deal to combine their operations in Ghana.
Airtel Ghana and Tigo Ghana are now one service provider, called AirtelTigo, in which Airtel and Millicom to have equal ownership (50:50) and governance rights. The combined entity becomes Ghana’s second largest mobile operator with 10 million customers, annual revenues of about US$300 million and a network that covers more than 80% of Ghana's population.
"The significant synergies from this merger will help the combined entity achieve profitability and cash-flow levels faster," noted the company. "In addition, the merged entity with its robust optic fibre footprint and increased number of data centres will bring significant benefits to diverse portfolio of enterprise customers -- including both large corporations and SMEs."
Bharti Airtel and Millicom executives officially announce the merger.
Roshi Motman, the current CEO of Tigo Ghana, will be the CEO of AirtelTigo.