MTC closes Celtel deal

Mobile Telecommunications Company (MTC) last week completed its acquisition of African telecoms giant Celtel.

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By  Administrator Published  May 17, 2007

Mobile Telecommunications Company (MTC) last week completed its acquisition of African telecoms giant Celtel.

The Kuwaiti operator acquired 85% of Celtel in April 2005 and made an agreement to acquire the remaining 15% of outstanding shares within two years.

It made its last payment of US$467million this month, bringing its total investment in Celtel to US$3.4 billion.

The acquisition of Celtel has played a significant part in helping MTC become a global player in the telecoms market, said Dr Saad Al Barrak, CEO of MTC Group.

"By acquiring what is now Celtel Madagascar in December 2005, increasing ownership to 100% of Sudan's Mobitel, in addition to purchasing 65% of Nigeria's third operator in May 2006, we now have a footprint of 450 million potential customers in Africa," he said.

In the two years since it began its acquisition of Celtel, MTC claims to have quadrupled the company's customer base to 20 million subscribers.

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