France Telecom is set to announce the acquisition of a majority stake in the Democratic Republic of Congo’s fourth mobile operator Congo-China Telecom (CCT), Bloomberg reported quoting people with knowledge of the situation.
TelecomFinance reported…
France Telecom is set to announce the acquisition of a majority stake in the Democratic Republic of Congo’s fourth mobile operator Congo-China Telecom (CCT), Bloomberg reported quoting people with knowledge of the situation.
TelecomFinance reported this summer that the French company was in exclusive talks to buy the 51% stake owned by Chinese equipment maker ZTE as well as looking at the government owned 49% stake.
In early October, the Congolese authorities agreed to sell the state’s stake. The chief of staff at the telecoms ministry, Jacques Baikpon, was quoted saying that the public treasury would raise US$64m from the sale and an additional US$10m in taxes and other payments.
France Telecom CEO Stephane Richard has recurrently said his group aims to double revenues in Africa and the Middle East to E7bn by 2015.
Airtel, Millicom’s Tigo and Vodacom are also present on the DRC mobile market.
The parties were not immediately available for comments.
