Mergers, Acquisitions and Financial results - In brief
The Treasury of Kenya will acquire a further 10% stake in national telecoms operator Telkom Kenya, increasing its total shareholding in the struggling firm to 40%, under a new deal that has been negotiated as part of Orange Group’s planned exit from the country. In November last year the French company announced the signing of an agreement with African private equity firm Helios Investment Partners for the sale of its entire 70% stake in Telkom. Business Daily cites people familiar with the ongoing negotiations between the Treasury and Helios as saying that the government will not pay any money for the additional 10% stake, but instead has agreed not to exercise its pre-emptive rights to buy Orange’s 70% shareholding. The report adds that an agreement between the parties is expected to be concluded in the coming week.