Airtel confirms takeover of Loop Mobile; avoids disclosing deal size
18 Feb 2014
Bharti Airtel, India's largest mobile services company, today confirmed its widely reported acquisition of Loop Mobile in a widely anticipated development.
Airtel did not provide figures, but the deal is estimated to be worth up to Rs700 crore. The move strengthens the New Delhi-based company's presence in Mumbai metro, which has one of the largest revenue generating customers in the country, according to a Bharti announcement (See: Bharti to buy Loop Mobile in Rs700-cr deal: report).
The acquisition of Loop Mobile, a single circle operator with 3.2 million subscribers will the help the New Delhi-based operator gain a strong foothold in the Mumbai market.
"The proposed association will undergo seamless integration once definitive agreements are signed, and is subject to regulatory and statutory approvals," Bharti AIrtel, which incidentally is the fourth largest mobile services provider in the world, said in a statement.
Under the agreement, Loop Mobile's 3.2 million subscribers in Mumbai will join Bharti Airtel's more than 4 million subscribers.
The proposed transaction will bring together Loop Mobile's 2G/EDGE-enabled network supported by 2,500 telecom towers, and Airtel's 2G and 3G network supported by more than 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 and products such as 3G, 4G, Airtel Money, VAS and domestic and international roaming facilities, it said.
