Safaricom and Airtel acquire yuMobile for $120M

Madhur Taneja, CEO, yuMobile

Kenyan mobile operators Safaricom and Airtel have signed an agreement to acquire the telecom business of yuMobile for $120 million, it was announced on Monday.

yuMobile is owned by Essar Telkom, and is Kenya‘s third largest operator with a market share of 8.2%.

According to a press statement, the binding agreement will see Safaricom take over Essar Telecom Kenya Limited’s (ETKL) network, IT and office infrastructure.

Read more: yuMobile acquired for $120 million – ITWeb Africa.