JOHANNESBURG (Information) – A consortium composed of Madagascar’s Axian Group and Africa-focused non-public fairness agency Rising Capital Companions (ECP) will purchase a 51% stake in Togo’s state telecommunications firm, Togocom, the federal government stated on Thursday.
The West African authorities’s acceptance of the bid by the Agou Holding consortium marks the completion of a privatization course of introduced final 12 months. The deal leaves Togocom – the holding firm for Togo Telecom and cell community operator Togocel – with an enterprise worth of over 210 billion CFA francs ($353 million).
Agou Holding plans to take a position 245 million euros ($271 million) within the firm over the following seven years to enhance worldwide connectivity and develop Togocom’s high-speed fiber and cell networks, the federal government stated in an announcement.
“This main operation marks a vital step within the authorities’s digital roadmap,” Cina Lawson, Minister of Put up, the Digital Financial system and Technological Innovation, stated.
Primarily based in Madagascar, Axian owns Telma, a telecom agency working within the Indian Ocean Madagascar, Comoros, Reunion Island and Mayotte, and is current in Senegal by way of its operator Free Senegal, previously Tigo.
ECP has beforehand invested in telecommunications corporations together with MTN Côte d’Ivoire, Orascom Telecom Algeria, Airtel, Wananchi and IHS Towers.
Along with Togocel, Moov Togo, an area subsidiary of Etisalat (ETISALAT.AD), additionally operates a cell community in Togo.
Reporting by Joe Bavier; Modifying by Tim Cocks