MTC completes Celtel deal

6 May 2005

Kuwaiti cellco MTC-Vodafone says it has completed the purchase of a majority stake in pan-African mobile group Celtel International. MTC has paid an initial USD2.84 billion for 85% of Celtel, with the remaining 15% to be purchased within two years for a further USD520 million. An attempt by South Africa’s MTN Group to block the deal failed last month.

Kuwait, Celtel International, Zain Kuwait