Mergers and Acquistions News
Categories: Telecoms
January 26th 2009, 17:15PM
South African telecommunications operator Telkom has bought a 25 per cent stake in the Nigerian firm Multi-links.
In an acquisition worth $130 million (£93 million), Telkom now owns the wireless network firm outright.
The firm, South Africa's biggest fixed-line phone operator, already owned 75 per cent following a deal in May 2007.
Multi-links gives access to a lucrative market for Telkom: Nigeria is one of the fastest growing in the world, with a mobile penetration of only 30 per cent.
The move signals Telkom's intent to become the dominant force in the African telecommunications industry.
Reuben September, the Telkom chief executive officer, stated: "We are investing in and enhancing our long-term future by accelerating our drive towards becoming the preferred telecommunications provider and partner in Africa."
Mr September added "the prospects for the company are strong".
Telkom is to shed its 50 per cent stake in Vodacom - a fellow South African telecommunications operator - later this year.
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