Monaco Telecom finalises sale of Algerian unit Divona
Monaco Telecom, a subsidiary of UK-based telecoms company Cable & Wireless Communications (CWC), has reportedly completed the sale of Algerian satellite communication unit Divona to Algerian broadband and WiMAX operator Smart Link Communication (SLC), for a one-off payment of DZD20 million (USD257,160); the deal will also involve the writing off of debt worth DZD307 million.
Local news outlet Mobile Algerie reports that the development was confirmed by SLC’s CEO Lotfi Nezzar, who also added that ‘strong existing industrial synergies between SLC and Divona and their complementary technologies will allow for the integration and development of telecommunications services in order to provide businesses and residential users access to ICT’. Further, Divona’s CEO Karim Cherfaoui has revealed that he is still in possession of shares in the company, which is now 90% owned by SLC.
According to the article, the deal was completed after the Algerian government waived its ‘right of first refusal’ and telecoms watchdog the Autorite de Regulation de la Poste et des Telecoms (ARPT) approved the change of ownership.