ETISALAT’S KINZ WINS WESTEL BID IN GHANA
The three year wait to see who would buy Ghana’s second national telecoms operator, Westel came to a nail biting close last Friday when, Kinz Telecom was advised by both the government appointed transactional advisers, NTHC and Databank and the sector Minister that they have emerged the winner out of the four short listed bidders.
Not only did Kinz beat the asking price of US$65 million asked for by the transactional advisers, they also pledged to absorb the c40 billion plus debts on the books of Westel, and also proposed to invest US$500million in cash and equipment and offer social responsibility projects for women, education, youth, sports development and technology transfer. Because the Ghanaian Government has taken so long to complete the transaction, Kinz has been asked to move straight to implementation. Kinz will be using Chinese equipment manufacturer Huawei to roll out its network.
Kinz’s backer is Etisalat, the national telecommunication operator of the United Arab Emirates. It is the sixth largest company in the entire Middle East with a market value of $88 billion that counts a global satellite company, Thuraya satellite, among its key assets, and provides services to 130 countries around the world.