The telecommunications company Africell Holding has signed an agreement with the Orange Group to acquire its majority stake in Orange Uganda, PANA reported Monday.
The transaction, upon completion following regulatory approval, would bring Africell’s portfolio to four operations with a total market potential of over 120 million inhabitants.
“Uganda with a population of over 37 million and a penetration rate of 50% was well within the criteria we had set to further expand in Africa targeting high potential and high growth markets” says Ziad Dalloul, Chairman and Chief Executive Officer of the Africell Group.
Africell would still be looking to add one more market to its portfolio before the end of 2015 to further expand and diversify its portfolio to cover West, Central, and East Africa.
Africell holds a dominant leading market share in Gambia and Sierra Leone and was able to achieve a 20% market share in the Democratic Republic of Congo in less than two years of operations facing well established operators.
The group currently has over 9 million active subscribers, projected to reach 11 million by year’s end.