ECOBANK PACKAGES USD53M DEAL FOR ORASCOM, ACCESS TELECOM AND ATLANTIC TELECOM
Ecobank Development Corporation, the investment banking arm of Ecobank Transnational Incorporated has packaged a telecom transaction in excess of USD53 million.
Described as the largest private sector telecom transaction in the UMOA (monetary union of the Francophone countries in West Africa), the deal which involved arranging, under-writing and advice was recently packaged for Orascom Telecom, Access Telecom and Atlantic Telecom.
The divestiture of 51.68 per cent Telcel Holding in Loteny Telecom of Cote d’Ivoire followed the strategic decision taken by Orascom Telecom, to divest of all its telecoms assets in Sub-Saharan Africa.
Orascom Telecom, an Egyptian wireless operator with interests in Sub-Saharan Africa, North Africa and the Middle East.
The transaction value was in excess of USD53.0 million representing 51.68 per cent of Loteny Telecom which was fully taken up by Access Telecom and Atlantic Telecom.
Speaking at the closing ceremony of the syndicated loan, Mr. Yerim Sow, who is the Chairman of Access Telecom commented on the professionalism and timelesss at which the transaction was arranged and financed by Ecobank Development Corporation.
He added that the emergence of the Ecobank Group as a major financier of indigenous businesses within the sub-region was a significant development without which the financial emancipation of region may be difficult to achieve.
Mr. Joel Cadier who is the Chairman/Managing Director of Atlantic Telecom added that following the conclusion of the Loteny transaction, the Atlantic franchise would be present in Niger, Burkina, Benin, Togo, Garbon and Central Africa and Cote d’Ivoire.