Bharti Airtel and Loop said they have signed a ‘definitive’ acquisition agreement.
They had earlier said that they had signed a preliminary agreement under which Bharti would acquire Loop’s subscribers.
ZTE Corp has gone to court trying to prevent Loop subscribers from being sold to Bharti. It claims that Loop owes it money.
More details of the definite agreement were not released.
“With reference to the earlier announcement dated February 18, 2014 titled ‘Airtel and Loop Mobile announce agreement to create Mumbai’s largest mobile network’, Bharti Airtel Ltd has now informed BSE that the Company has signed the definitive agreement with Loop Mobile (India) Limited,” BSE Ltd said.
Objecting to the deal, ZTE had said : “It has come to our notice that Loop Mobile is entering into a business deal to transfer its operating assets (subscribers) to Bharti Airtel, without keeping us informed about this. To secure our business interests we have moved an additional application to the Bombay High Court for the recovery of the unpaid dues.”