Orange in talks to buy four Airtel units in Africa

Telecoms

Orange on Monday agreed to enter into exclusive talks to buy four Airtel subsidiaries in Africa, pushing further into a region the company has targeted for growth in recent years.

In a joint statement, the companies said Orange would explore the acquisition of Airtel's subsidiaries in Burkina Faso, Chad, the Republic of Congo and Sierra Leone, although the companies said that there was no certainty that any binding agreement would result from the discussions.

A spokesman for Orange said the four subsidiaries account for 9 million customers and 600 million euros ($649.7 million) in sales a year and that the companies are working towards reaching a deal during the fourth quarter of 2015.

Orange, which is building its business in the Middle East and Africa, doesn't have a presence in any of the four countries.
Source: Market Watch 21 July 2015