CELTEL TAKES OVER VMOBILE IN NIGERIA

Mergers, Acquisitions and Financial Results

Celtel International, a branch of the MTC group, has concluded an agreement for control of 65% of Vmobile, one of the leading mobile telecommunication operators in Nigeria, for over 1 billion US dollars.

A statement from Celtel said  Monday "the deal turns out to be the biggest recorded in the field of telecommunications in Nigeria, and will expand the presence of Celtel to 15 African countries". More than five million people are subscribed to Vmobile in Nigeria. In addition to the 65% take-over of the Vmobile shares, Celtel will invest US$250 million in order to enable the company "to speed up its aggressive expansion policy".

According to Celtel International director general, "this agreement marks Celtel`s biggest expansion in Africa so far. The mobile telecommunication market in Nigeria is one of the most flourishing in Africa and we are proud to be able to provide our expertise and resources in order to offer all Nigerians the possible quality of service."

Meanwhile, Celtel has announced its intention to bid for a third telephony licence in Senegal.

Angop