After several rumors of a buy out and a press statement denying any sale out, the Orange Group announced that it has signed an agreement with Africell Holding for the sale of its majority stake in Orange Uganda. The Deal was made in the wee hours of the night and the details of the buy-out shares between Orange and Africell are still unknown but the company will get to know within a period of three months.
The transaction is subject to approval from the relevant authorities. It will enable the company in Uganda to continue its development. This transaction marks a new step in the Orange Group’s asset portfolio optimisation strategy for which Africa and the Middle-East remain a strategic priority.
Orange Uganda, began in 2008, is the third telecoms operator in Uganda and had 620,000 voice clients and the leading data operator at the end of December 2013.
Update:
After 6 years in operation, Orange Group says Orange Uganda has not ‘met the Group’s criteria in terms of performance and value creation. Africell now owns 95% stake in Orange Uganda. Just 620,000 customers in 6 years is considered not good enough by Orange Group. Africell has operations in DRC, Sierra Leone & Gambia & is headquartered in Lebanon.
Press Release
[signoff predefined=”Movie Review Signoff” icon=”icon-attach”]Orange signs an agreement with Africell for the sale of its stake in Orange Uganda In the framework of a regular review of its portfolio of assets, today, the Orange Group announced that it has signed an agreement with Africell Holding for the sale of its majority stake in Orange Uganda. The transaction is subject to approval from the relevant authorities. It will enable the company in Uganda to continue its development. This transaction marks a new step in the Orange Group’s asset portfolio optimisation strategy for which Africa and the Middle-East remain a strategic priority. Orange Uganda, which was created in 2008, is the third telecoms operator in Uganda and had 620,000 clients at the end of December 2013. about Orange Orange is one of the world’s leading telecommunications operators with sales of 41 billion euros in 2013 and has 164,000 employees worldwide at 31 March 2014, including 101,000 employees in France. Present in 30 countries, the Group has a total customer base of more than 239 million customers at 31 March 2014, including 182 million mobile customers and 16 million fixed broadband customers worldwide. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. Orange is listed on the NYSE Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN). For more information on the internet and on your mobile: www.orange.com, www.orange-business.com, www.livetv.orange.com or to follow us on Twitter: @orangegrouppr. Orange and any other Orange product or service names included in this material are trade marks of Orange or Orange Brand Services Limited.[/signoff]
