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The Economist magazine noted, "If anything, Bharti would be marrying up", as MTN had more subscribers, higher revenues and broader geographic coverage.In Jun 2010, Bharti struck a deal to buy Zain's mobile operations in 15 African countries for .97 billion, in India's second biggest overseas acquisition after Tata Steel's US billion buy of Corus in 2007.Designed by London-based brand agency, The Brand Union, the new logo is the letter 'a' in lowercase, with 'airtel' written in lowercase under the logo.On 11 August 2010, Bharti Airtel announced that it would acquire 100% stake in Telecom Seychelles for US million taking its global presence to 19 countries.The newly acquired Africa division contributed 1 million to the total.However, net profits dropped by 41% from 0 million in 2009 to 1 million 2010 due to a 8 million increase in radio spectrum charges in India and an increase of 6 million in debt interest.But she is confident that the move is necessary for building strong companies in the telecom industry.Following the approval of the merger by the NCA last month, Tigo’s MD, Roshi Motman has since been named as the CEO of the new entity.
Airtel reported that its revenues for the fourth quarter of 2010 grew by 53% to .2 billion compared to the previous year.
The value of the deal was not disclosed, but analysts estimated it to be US$ 800-900 million.
The agreement on the sale of operation in Chad and Congo-Brazzaville lapsed.
According to them, the new entity has created a situation that may require one person occupying some top management positions even though the two companies already have people in those positions. Austin Gamey believes the need to cut down on the workforce may be due to new strategies.
The successful closing will see both companies hold equal ownership and governance rights in the combined entity.
On 18 November 2010, Airtel rebranded itself in India in the first phase of a global rebranding strategy.