On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Neneh Macdouall Gaye, the Gambian Secretary of State for Communication, Information and Technology told the National Assembly that the Government decided to sell its shares in Gamtel/Gamcel due to deterioration of services over the years. The Government of The Gambia has decided to find a strategic partner for Gamtel/Gamcel so as to inject the necessary capital to increase coverage and improve quality of service. However the sales of the telco incumbent to the almost unknown Lebanese company Spectrum remains controversial as there was no bidding process involved.

- Westcon, a distributor of converged communications has acquired a majority stake in Sparnoon-Dynatech. The acquisition reaffirms the company's position as the largest distributor of Cisco products in Nigeria and other countries of the in Sub-Saharan Africa, giving it an estimated 65 per cent share of the distribution market.