Mobile phone firms Safaricom and Airtel have bought out yuMobile, a move which is said to have opened a new chapter in the communication industry in Kenya.
The Nation newspaper reported that the three firms met with the regulator, Communications Commission of Kenya, on Friday to finalise the deal.
yuMobile managing director Madhur Taneja told newspaper that they had entered into an agreement with two companies. The deal is valued at about $100 million (Sh8.6 billion).
Safaricom is to buy the Essar-owned yuMobile’s infrastructure and retain about 130 employees in the technical department. Airtel is to acquire the 2.7 million subscribers by taking over the mobile number prefix, thus allowing the customers to migrate to its network without having to change their identities.