Orange reportedly in final talks to sell Kenyan stake
01 October 2015 |
Orange is in the final round of discussions with an unidentified party to sell its 70% stake in its Kenyan unit, according to the country’s finance minister.
The operator paid $390 million for its stake in 2007 – also known as Telkom Kenya – with the aim to make the business profitable and list it five years after.
“Orange wants to exit so they are selling their 70%. They are in the final negotiations,” Henry Rotich, Kenya’s finance ministerm, told Reuters.
The deal is expected to be completed by the end of the year, added Rotich.
The company’s stake has been available for sale for some time, with Helios Investment Partners as the latest bidder in September 2015. Vietnam’s Viettel Group withdrew its planned purchase of Orange’s stake in Telekom Kenya in November 2014.
The Kenyan mobile market has been dominated by Safaricom – part owned by Vodafone – which has 67% of Kenya’s estimated 36 million mobile users.
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