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FT buys out Alcazar Capital stake in Orange Kenya

Monday 21 January 2013 | 13:53 CET | News
France Telecom has bought the 11 percent stake owned by Alcazar Capital in Orange Kenya for an undisclosed amount, According to Business Daily,  FT also replaced Alcazar's CEO Charbel Jaoude on the Orange Kenya board. The deal means that the French firm now fully owns the 60 percent stake in Orange Kenya initially held by an entity known as Orange East Africa, a special purpose vehicle created by France Telecom and Alcazar Capital after jointly acquiring a controlling stake in the Kenyan operator in 2007. 

The latest deal closed in 2012, according to Tom Wright, the press officer of FT. He said Alcazar is no longer an indirect shareholder of Orange Kenya since mid-2012 when France Telecom-Orange acquired Alcazar's stake in the holding company OREA (Orange East Africa). Alcazar gained the stake after paying USD 83 million of the USD 390 million that the consortium led by France Telecom offered for purchase of the 51 percent stake in Orange Kenya. This earned the firm a 21.5 percent stake in Orange East Africa with the remaining share held by the French group, whose direct stake in the Kenyan operator stood at 40 percent. 

A recent balance sheet restructuring plan cut the Treasury's stake in Orange Kenya to 40 percent from 49 percent and raised France Telecom's stake to 60 percent. The French firm also wrote off debt to the Kenyan subsidiary of KES 15 billion. 



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Categories: General
Companies: France Telecom / Orange / Orange Kenya
Countries: Kenya
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