Deal replaces rescinded agreement between a previous administration and the London-based private equity firm
04 October 2023 - 19:13
by Agency Staff
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
United Arab Emirates-based Infrastructure Corporation of Africa (ICA) will take over 60% of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, the East African nation’s finance ministry said on Wednesday.
The Kenyan cabinet on Tuesday rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, due to “governance challenges” in that transaction.
“The offer by ICA includes [a] capital injection to fund Telkom’s critical infrastructure and the overall upgrade of the company’s capabilities, and also settle some of the outstanding liabilities of the company,” the ministry said in a statement.
It didn’t disclose the financial details of the deal with ICA.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
UAE to take over 60% of Telkom Kenya from Helios
Deal replaces rescinded agreement between a previous administration and the London-based private equity firm
United Arab Emirates-based Infrastructure Corporation of Africa (ICA) will take over 60% of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, the East African nation’s finance ministry said on Wednesday.
The Kenyan cabinet on Tuesday rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, due to “governance challenges” in that transaction.
“The offer by ICA includes [a] capital injection to fund Telkom’s critical infrastructure and the overall upgrade of the company’s capabilities, and also settle some of the outstanding liabilities of the company,” the ministry said in a statement.
It didn’t disclose the financial details of the deal with ICA.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
WATCH: Outgoing Transnet finance chief named Telkom CFO
Outgoing Transnet finance chief Dlamini named Telkom CFO
Cell C ‘yet to pay R288m spectrum bill’
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.