France Telecom-Orange, whose Orange brand represents its internet, television and mobile services, has agreed to buy a 100 per cent stake of Congo Chine Telecom, a mobile operator in the Democratic Republic of the Congo.
Round-up of today’s M&A deals
France Telecom-Orange, whose Orange brand represents its internet, television and mobile services, has agreed to buy a 100 per cent stake of Congo Chine Telecom, a mobile operator in the Democratic Republic of the Congo.
According to a statement, France Telecom-Orange will now contribute to its marketing, commercial and technical expertise.
The deal achieves an exit for Chinese handset manufacturer, ZTE, who will receive $10 million (£6.3 million) for its 51 per cent share while the government of Congo will get $7 million for its 49 per cent share.
Stephane Richard, France Telecom-Orange’s chairman and chief executive officer, comments: ‘The acquisition of CCT is an important step in our policy of expansion outside Europe, and contributes to our stated aim of doubling our revenues in Africa and the Middle East by 2015.
‘Orange is already present in over 20 countries in the region and has built up expertise developing networks and new services that are specifically tailored to the needs of local markets.’
Round-up of today’s M&A deals
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Advisers: undisclosed
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