(Ecofin Agency) - In a tweet dated January 12, 2016, Stéphane Richard, Orange’s CEO, announced the soon-to-come entry of his firm into two new African markets in addition to Liberia’s, Burkina Faso and Liberia. With these, Orange is now formally present 20 African countries and has landed 6.8 million more subscribers in Liberia.

In a released published today, January 13, 2016, Orange said its arrival in Burkina Faso and Sierra Leone is part of the initial agreement signed last July between him and Indian giant Bharti Airtel. The French company will hold 100% stake in both of Airtel’s subsidiaries in those countries and whose turnover is €275 million. “Orange will conduct the transaction in partnership with its subsidiaries in Senegal and Cote d’Ivoire. Cost for the transaction is 7.9 times greater than Ebitda of both of Airtel’s subsidiaries at the end of their year next march 31st,” the release stated.

For the transaction, Orange is advised by Lazard and Société Générale while Arma Partners LLP is the one advising Airtel. However, Orange still awaits the approval of the respective competent authorities of Burkina Faso and Sierra Leone before effectively coming in.