Airtel's merger with Millicom gets Ghana regulator’s conditional nod

KOLKATA: The merger of Bharti Airtel and Millicom International’s respective Ghana units have received a nod from the local telecom regulator, subject to a condition that the African country’s government will have the option to pick up a stake in the new entity in future.

Bharti Airtel and Millicom International had inked an agreement back in March to merge their respective Ghana subsidiaries.

Under the terms of the agreement that will create the second-largest mobile carrier in Ghana, Airtel and Millicom will have equal ownership and governance rights in the combined entity.

Both companies will also have board representation and management positions in the merged entity, the National Communications Authority ( NCA) said in a statement Tuesday.

NCA approval for Airtel-Tigo merger is “conditioned with an option for government participation in future,” the regulator said in the statement. At press time, India’s leading phone company declined to comment on the size of a potential Ghana government stake in the Airtel-Tigo combined entity, going forward.