Global Telecom Sells Telecel Global For $65 M

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International telecoms firm Global Telecom Holding (GTHE) said on Monday that it sold its entire stake in Telecel Global Limited for $65 million.

Telecel globe owns each of U-COM in Burundi and Telecel CAR in Central African Republic.

The company noted that the deal price is subject to certain post-closing adjustments.

Andrew Davies, Chief Financial Officer of VimpelCom, commented: “We have previously outlined our Value Agenda within which our operations are reviewed to assess their future value to the Group. The decision to sell our operations in CAR and Burundi is a result of this process.”

Telecel was purchased by Econet wireless Global Limited, a diversified telecommunications firm with operations in several countries mainly in Africa.

The company said that it recently disclosed that it agreed to sell Telecel to another purchaser in the first-quarter of 2013. however, the seller failed to close the deal and forfeited a deposit it had paid Global telecom in accordance to the purchase agreement terms.

Source: EGX & Arab Finance