Airtel acquires Loop Mobile

loop-mobile-logoBharti Airtel today said it would acquire Loop Mobile which is operational in Mumbai circle only. This news was doing the round for quite some time now. Though neither of the companies have disclosed the deal value, according to speculations, it is pegged as Rs 700 crore. Both the companies have signed an agreement  in this regard.

With this deal, Bharti airtel  will get to own towers and assets of Loop Mobile subject to shareholder and regulatory clearances. Loop mobile has over 400 telecom towers in that circle.

The proposed association will undergo seamless integration once definitive agreements are signed, and is subject to regulatory and statutory approvals, Airtel said in a statement.

Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers, taking to a total tally of over 7 million. This will make Bharti airtel the largest telecom player in Mumbai in terms of subscriber number overtaking Vodafone’s 6.9 million subscribers.

The proposed transaction will bring together Loop Mobile’s 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel’s 2G and 3G network supported by over 4,000 cell sites across Mumbai. It will also offer subscribers the widest exclusive retail reach with 220 outlets that will enable best-in-class customer service.

The agreement will ensure continuity of quality services to Loop Mobile’s subscribers, while offering them the added benefits of Airtel’s innovative product portfolio, and access to superior services, innovative products like 3G, 4G, Airtel Money, VAS and domestic/international roaming facilities.

Loop Mobile subscribers will become part of Airtel’s global network that serves over 289 million customers in 20 countries. Globally, Airtel is ranked as the fourth largest mobile services provider in terms of subscribers.

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