Orange, one of the world’s leading telecommunications operators, has announced the completion of the sale of its entire 70% stake in Telkom Kenya, Kenya’s incumbent fixed-line operator and is the third-largest player in the mobile market
The sale was completed following approval from relevant authorities.
“The Africa and Middle-East region remains a strategic priority for the Group. This divestment reflects Orange’s constant focus on optimizing its portfolio of assets,” Orange stated in a press release.
The sale was made through a binding agreement with Helios Investment Partners, an Africa-focused private investment firm, who now owns 60% of Telkom Kenya.
Also, the transaction saw the Government of Kenya (GoK) increase its stakes in the telco from 30% to 40%.
“Helios is excited to about the opportunity to work with all stakeholders to transform Telkom Kenya into a successful telecommunications operator in Kenya. We look forward to partnering with the company’s staff, customers, business partners, our co-shareholder GoK, as well as the Kenyan public in general to progress the development of the telecommunications sector in Nigeria,” said Babatunde Soyoye, co-founder and Managing Partner of Helios Investment Partners.
Orange first announced the sale of its stakes in Telkom Kenya back in November last year.
Africa is one of Orange’s key markets. It is present in 17 African countries, and 11 other countries worldwide with over 252 million customers.