Airtel Africa Plc and Telkom Kenya Limited have decided to forego a proposed business combination in Kenya, citing inability to reach a successful closure and lengthy process.
However, the completion of the business combination was subject to the satisfaction of various conditions precedent, including regulatory approvals. “Accordingly, Airtel Africa Plc and Telkom have decided to no longer pursue completion of the transaction,” Airtel Africa stated.Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava, said Kenya was a large and growing market and reiterated the commitment of Airtel Africa to build a growing profitable business.
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