Airtel expands in Mumbai with Loop Mobile takeover

News Wireless India 18 FEB 2014
Airtel expands in Mumbai with Loop Mobile takeover
Bharti Airtel has agreed to buy its smaller rival Loop Mobile's activities in Mumbai. The deal nearly doubles Airtel's base in Mumbai, adding Loop's 3 million customers to Airtel's 4 million in the city. Loop also brings 2,500 2G/Edge cell sites, boosting coverage for Airtel, which has over 4,000 2G/3G sites in Mumbai. The acquisition remains subject to a definitive agreement and regulatory approvals. No financial details were disclosed. Sources familiar with the matter told Indian paper the Economic Times that the deal is worth around INR 70 billion. 

Categories:

Mobile

Companies:

Bharti Airtel,  Loop Mobile

Countries:

India

Tags:

M&A buyouts & divestments

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