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Monday, March 3, 2014

SAFARICOM AND AIRTEL BUY OUT ESSAR YU

Just a few days ago multi billion shollings company safaricom finalized a deal to buy off ESSAR Yu for $100 million. This deal went down in presence of CCK witnesses and overseers. Safaricom bought a large stake and walked away with a deal to keep about 130 workers at Yu. On the other hand Airtel Kenya bought a 50% stake from ESSAR Yu and will also keep Yu's network allowing its customers to switch to Yu's prefix without changing identity.

Yu workers however have taken their employers to court over claims that they do not wish to have their terms of work changed without them agreeing. The case is still pending in court. 

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