Airtel Africa has cancelled the planned merger of its Kenyan operations with Telkom Kenya, according to a company statement.
In February 2019 Bharti Airtel and Telkom Kenya were reported to be merging their operations, creating a new company that would have been called Airtel Telkom.
In a statement, the India-based Bharti Airtel said its Airtel Kenya subsidiary had signed an agreement with Telkom Kenya to merge their respective mobile, enterprise and carrier services businesses to create a new joint entity, Airtel Telkom. No financial details were disclosed and the deal was subject to regulatory approval.
However, in a filing to the London Stock Exchange Airtel Africa said that the deal was now dead.
“Despite Airtel Africa plc and Telkom Kenya’s respective endeavours to reach a successful closure, the transaction has gone through a very lengthy process, which has led the parties to reconsider their stance,” Airtel Africa said adding that both parties had decided to “no longer pursue completion [the] of the transaction”.
Airtel Africa has over 110 million subscribers spread across the African continent, 14 million of whom reside in Kenya.