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Etisalat gains full ownership of Atlantic Telecom

Etisalat buys additional 18% stake in holding company for African telecom assets.

Etisalat gains full ownership of Atlantic Telecom
Etisalat is now the sole owner of Atlantic Telecom.

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.

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