Government takes total charge of AirtelTigo

• The state announced its plan to take over in April 2021

• Airtel and Tigo became a joint venture in 2017

Government has finalized the purchase of AirtelTigo, Bharti Airtel has disclosed in a regulatory filing to the Bombay Stock Exchange.

The Indian telecom operator, Bharti Airtel, in the filing noted that the government of Ghana has taken over the joint telecom venture and the shares have been transferred.

"This is in further to our announcement dated October 27, 2020, and April 16, 2021, regarding Government of Ghana's takeover of ownership of Airtel/Tigo Joint Venture. We wish to update that the transaction has been completed and 100% shares of Airtel Tigo have been transferred to the Government of Ghana," the statement read.

Government, in April, announced that it has reached an agreement with telecommunications company AirtelTigo to take over ownership. The company is jointly managed by Bharti Airtel and telecom operator Millicom International Cellular SA (Tigo).

The deal was signed on behalf of the government of Ghana by Mrs Ursula Owusu-Ekuful Minister of Communications and Digitalisation with Ms. Jatina Catharina Uneken-van de Vreede, Mr. Martin P Frechette, Mr. Timothy Pennington, Mr. Eric Nana Nipah and Mr. Vish Ashiagbor signing on behalf of the seller entities.

The two parties, Airtel and Tigo, merged in 2017 with the Indian telecom operator owning a 49.95 per cent stake.

The company is also the country's second-largest mobile operator with 5.1million customers.

Government of Ghana’s takeover means the West African country now fully owns 100 per cent of shares of the telecommunications company as well as all customers, assets and liabilities of the joint venture.