Celtel clinches $1,005b Nigeria deal
Jun 06, 2006
CELTEL International, a subsidiary of MTC, has concluded acquisition of a 65% controlling stake in Vmobile, one of Nigeria’s leading mobile telecom operators for $1,005b (sh1.8 trillion).
By Vision Reporter
CELTEL International, a subsidiary of MTC, has concluded acquisition of a 65% controlling stake in Vmobile, one of Nigeria’s leading mobile telecom operators for $1,005b (sh1.8 trillion).
This transaction is the largest telecommunications deal in Nigeria and will expand Celtel’s presence to 15 countries in Africa, a statement said.
Vmobile offers extensive mobile services to more than five million customers in Nigeria. This transaction will give Vmobile access to Celtel’s expertise and all benefits of being part of the MTC/ Celtel group.
The transaction was structured as the purchase of existing shares and a $250,000,000 (sh370b) equity injection which will immediately boost Vmobile’s financial ability to continue and accelerate its aggressive roll-out.
Marten Pieters, the chief executive officer of Celtel International, said, “This agreement marks Celtel’s most important expansion in Africa to date. Nigeria is one of Africa’s biggest and fastest growing mobile telecommunications markets.â€
Tsega Gebreyes, Celtel’s chief strategy and development officer, said, “Negotiations with Vmobile’s shareholders have resulted into much-needed investment. Celtel looks forward to a strong partnership to build a stronger business.â€
CELTEL International, a subsidiary of MTC, has concluded acquisition of a 65% controlling stake in Vmobile, one of Nigeria’s leading mobile telecom operators for $1,005b (sh1.8 trillion).
This transaction is the largest telecommunications deal in Nigeria and will expand Celtel’s presence to 15 countries in Africa, a statement said.
Vmobile offers extensive mobile services to more than five million customers in Nigeria. This transaction will give Vmobile access to Celtel’s expertise and all benefits of being part of the MTC/ Celtel group.
The transaction was structured as the purchase of existing shares and a $250,000,000 (sh370b) equity injection which will immediately boost Vmobile’s financial ability to continue and accelerate its aggressive roll-out.
Marten Pieters, the chief executive officer of Celtel International, said, “This agreement marks Celtel’s most important expansion in Africa to date. Nigeria is one of Africa’s biggest and fastest growing mobile telecommunications markets.â€
Tsega Gebreyes, Celtel’s chief strategy and development officer, said, “Negotiations with Vmobile’s shareholders have resulted into much-needed investment. Celtel looks forward to a strong partnership to build a stronger business.â€