Kuwait's MTC completes Celtel acquisition

MTC buys final 15% in African mobile operator.

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By  Reuters Published  May 7, 2007

Kuwait's Mobile Telecommunications Co., the second-largest Arab telecom by market value, said on Monday it completed its $3.4 billion acquisition of African mobile phone operator Celtel International.

MTC, whose share is the Gulf's best performing telecom stock this year, said in a statement it had bought for $467 million another 15 percent in the Dutch-based company, raising its stake to 100 percent.

It acquired 85 percent of the company in 2005, valuing the deal in total at around $3.4 billion as initially announced.

MTC, which operates in 14 sub-Saharan countries including Nigeria, Sierra Leone, Tanzania and Uganda, said it had quadrupled the number of Celtel's subscribers to 20 million from 5 million in two years.

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