India’s Bharti Airtel has confirmed that it has agreed to buy a 70% stake in Bangladeshi cellco Warid Telecom and take over management and board control from the current sole owner, the UAE’s Dhabi Group. Under the agreement, Bharti will invest a total of USD300 million to expand the operations of Warid, whilst the share acquisition will be partly via the purchase of existing shares held in Warid Telecom International Limited by Dhabi Group for a nominal consideration, and the balance by way of issuing new shares. Dhabi Group will retain a 30% holding and continue as a strategic partner with nominees on the board. As a result of Bharti’s capital injection the overall investment in the company will be around USD1 billion.
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