Etisalat takes over Atlantique Telecom

Mergers, Acquisitions and Financial Results

UAE-based carrier Etisalat on Monday acquired the remaining 18 per cent of Atlantique Telecom that it does not already own. Etisalat paid $75m to take its holding in Atlantique to 100 per cent, thereby securing majority shares in seven telecommunications organisations across the Ivory Coast, Benin, Burkina Faso, Gabon, Niger, Togo, and Central Africa Republic.

Etisalat operates Atlantique operations via a ten year management contract ending in 2015. Etisalat also announced a net profit of Dhs8.84bn (€1.7bn) for 2009, compared to Dhs8.5bn recorded in 2008. Revenues for the year were up 5 per cent to Dhs30.8bn in 2009.