KUWAIT, Tuesday â€“ 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.
â€œThe deal states the purchase of 85% of Celtel shares for $2.8b with a commitment to buy 15% for $520m,â€ MTC said in a statement. It said Celtel would operate as a separate legal entity within MTC Group and the existing management would â€œcontinue to execute their ambitious growth plans.â€
Kuwaiti firm buys Celtel