The Namibian telecoms regulator has formally cleared Telecom Namibia’s acquisition of local mobile operator Leo.
The deal was already approved by the Namibia Competition Commission on 27 April but today the state-owned telco announced that the…
The Namibian telecoms regulator has formally cleared Telecom Namibia’s acquisition of local mobile operator Leo.
The deal was already approved by the Namibia Competition Commission on 27 April but today the state-owned telco announced that the Communication Regulatory Authority of Namibia has given its approval.
Telecom Namibia chief strategy officer Theo Klein has been appointed interim CEO at Leo with immediate effect. He will report to the board of directors of the company.
TelecomFinance reported in September that the High Court had rejected a condition imposed by the regulator which stipulated that at least 25% of state-owned Telecom Namibia be opened up to private investment.
The telco paid a nominal price of N$2 (US$0.24) for Leo and has agreed to settle its N$240m (US$29.2m) debt, and grant the mobile operator’s current owners N$96.5m (US$11.7m) worth of shares in parent company Powercom, according to media reports in September.
Frans Ndoroma, MD of Telecom Namibia, said in today’s announcement: “This is a milestone achievement for Telecom Namibia and it undoubtedly positions TN as a fully-fledged ICT service provider.”
