Etisalat gains full ownership of Atlantic Telecom
Etisalat buys additional 18% stake in holding company for African telecom assets.
Etisalat has increased its stake in Atlantic Telecom, a holding company for telecom assets in Africa, to 100% after acquiring the remaining 18% of shares for $75 million.
Atlantic Telecom holds majority shares in seven telecom companies in Ivory Coast, Benin, Burkina Faso, Gabon, Niger, Togo, and Central Africa Republic. Etisalat operates the company through a management contract that expires in April 2015.
Last year, Etisalat's chairman said he expected African investments to contribute no less than 25% of group revenue in three to four years.
Etisalat also said today that it planned to increase its stake in its Indian subsidiary, Etisalat DB to 50% plus one share. Etisalat, which currently has a 44.73% stake in the Indian operator, filed an application in December 2009 to the Indian Foreign Investment Promotion Board (FIPB) to obtain approval to raise its stake.
Etisalat DB holds a Unified Services Access License in 15 circles of India, including Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumbai, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, Madhya Pradesh and Bihar.