Kuwaiti firm buys Celtel
Mar 29, 2005
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.â€
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.â€