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Kuwaiti firm buys Celtel

By Vision Reporter

Added 29th March 2005 03:00 AM

KUWAIT, Tuesday – Kuwaiti mobile phone operator MTC said on Tuesday it had bought Celtel, the African cell phone group that had been poised for a London flotation, for about $3.32b in cash.

KUWAIT, Tuesday – Kuwaiti mobile phone operator MTC said on Tuesday it had bought Celtel, the African cell phone group that had been poised for a London flotation, for about $3.32b in cash.

KUWAIT, Tuesday – Kuwaiti mobile phone operator MTC said on Tuesday it had bought Celtel, the African cell phone group that had been poised for a London flotation, for about $3.32b in cash.

Mobile Telecommunications Co (MTC), which said it was keen to expand into fast-growing Africa, is buying 85% immediately and the remaining 15% within two years.

“The deal states the purchase of 85% of Celtel shares for $2.8b with a commitment to buy 15% for $520m,” MTC said in a statement. It said Celtel would operate as a separate legal entity within MTC Group and the existing management would “continue to execute their ambitious growth plans.”

Kuwaiti firm buys Celtel

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