Telcel Globe acquires Cell One Namibia
Namibia is amongst the wealthiest countries in sub-Saharan Africa with a GDP/capita of US$ 5,200 (at PPP). It has a population of approximately 2.1 million and a mobile penetration of close to 50% at the end of 2008. Cell One operates a GSM 900/1800 network and has 198,000 active subscribers and over 20% market share.
The total consideration is approximately US$59 million in cash, of which US$32 million already paid and the balance due in January 2010. The debt assumed as part of this transaction is non-recourse on Telecel Globe.
These acquisitions are part of Telecel Globe’s strategy to target licenses and mobile operators in small and medium sized developing countries that have high growth potential. Kai Uebach, Telecel Globe’s CEO said “Cell One is well positioned in the Namibian market to become the key provider of competitive mobile voice and data services. Telecel Globe expects the investment in Cell One to have a positive effect on the brand, the customers and Namibia as a whole. This investment will further strengthen the traditionally good relationship and mutual trust between Namibia and Egypt. This acquisition will further enable Cell One to grow its customer base and deliver both essential services and groundbreaking communication solutions for the Namibian market”.
About Orascom Telecom
Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 453 million with an average mobile telephony penetration of approximately 46% as of September 30th, 2008. Orascom Telecom operates GSM networks in Algeria (“OTA”), Pakistan (“Mobilink”), Egypt (“Mobinil”), Tunisia (“Tunisiana”), Bangladesh (“banglalink”), Zimbabwe (“Telecel Zimbabwe”), and North Korea (“Koryolink”). Through its subsidiary Telecel Globe, OTH also operates in Burundi, the Central African Republic and Namibia. Orascom Telecom had over 79 million subscribers as of September 30th, 2008.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded
under the symbol (ORTEq.L, OTLD LI). For more information visit www.orascomtelecom.com.