Bharti Airtel on Tuesday said its subsidiary Network i2i has entered into a definitive agreement with Egyptian firm Orascom to acquire the latter’s entire equity stake in Middle East North Africa Submarine Cable Systems (MENA-SCS) for an undisclosed amount.
The agreement has been signed with Orascom Telecom Media and Technology Holding.
“With the explosion of data usage in emerging markets, including India and Africa, this (MENA) asset will provide us a scalable and diverse high capacity highway to serve our customers. In particular, it will provide impetus to India’s emergence as a major regional internet hub serving customers across SAARC region, Airtel Acquire Orascom’s with seamless global connectivity,” Ajay Chitkara, director and CEO, Global Voice & Data Business of Bharti Airtel said in a statement.
MENA-SCS is a 100 per cent subsidiary of Orascom.
It is live and operational, connecting Mumbai, Oman, Saudi Arabia, Egypt and Italy.