Bharti Airtel acquires Loop Mobile
Bharti Airtel has acquired Loop Mobile, Mumbai’s oldest operator, a move that will help the country’s largest operator by subscribers, to strengthen its presence in the metro. Financial details of the deal were not disclosed.
Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s more than 4 million subscribers. The proposed association will undergo seamless integration once definitive agreements are signed, and is subject to regulatory and statutory approvals, Bharti Airtel said in a statement.
Earlier media reports had pegged the deal size at Rs. 700 crore.
The proposed transaction will bring together Loop Mobile’s 2G/EDGE enabled network supported by more than 2,500 cell sites, and Airtel’s 2G and 3G network supported by over 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, it said.
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, innovative products like 3G, 4G, Airtel Money, VAS and domestic/international roaming facilities.