Davis Polk is advising Millicom International Cellular S.A. on the combination of its operations in Ghana with Bharti Airtel Limited.

The combined business would be the number two operator in Ghana, serving nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghana’s population with high-speed data, providing the widest 3G coverage across the country, and would have revenues close to $300 million. As per the agreement, Bharti Airtel and Millicom would have equal ownership and governance rights in the combined entity. The transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.

Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa, providing mobile services to more than 57 million customers. Bharti Airtel, headquartered in India, is a leading global telecommunications company with operations in 17 countries across Asia and Africa, ranking among the top 3 mobile service providers globally in terms of subscribers.

The Davis Polk corporate team includes partner Jacques Naquet-Radiguet and associates Jean-Christophe Devouge and Samuel Berrebbi. Partner Jonathan Cooklin, counsel David Wilson and associate Dominic Foulkes are providing tax advice. Partner Angela T. Burgess, counsel James W. Haldin and associate Jordan Leigh Smith are providing compliance advice. Members of the Davis Polk team are based in the Paris, London and New York offices.

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