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Altech sells East African assets to Liquid Telecom
2013-01-29 11:42:00| Telecompaper Headlines
(Telecompaper) Liquid Telecom has announced a deal to acquire the East African telecom assets of the Altech Group, including Altech's 61 percent stake in Kenya Data Networks (KDN). The deal, under which South Africa-based Altech becomes a minority shareholder in Liquid with a stake of 8.6 percent, creates a single fibre network spanning Kenya, Uganda, Rwanda, Zambia, Zimbabwe, Botswana, DRC, Lesotho and South Africa. Liquid Telecom claims to have built the largest fibre network in Southern Africa and Central Africa. Altech will contribute its majority interests in Altech East Africa on a debt- and cash-free basis, as well as pay USD 16.5 million for new shares in Liquid. This gives it an initial 8.6 percent equity stake in the company, with shareholder voting rights of 10 percent. Altech will also have one seat on the Liquid board, as long as it holds at least 5 percent in the company.
Tags: east
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Category:Telecommunications
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