Kuwait's MTC completes Celtel acquisition
MTC buys final 15% in African mobile operator.
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.