Econet hurries Botswana Altech buyout

21 Sep 2005

Zimbabwe’s Econet Wireless Group has decided to complete its purchase of its South African partner Altech’s 50% stake in its Botswana-based subsidiary Econet Wireless Global ahead of schedule. Econet has paid Altech USD87.5 million for its holding in a deal which was expected to be completed at the end of October. Econet’s CEO Strive Masiyiwa said the group had decided to make full payment in advance to enable the business to begin implementing its expansion programs and appoint a new board of directors. According to Masiyiwa, Econet Wireless Global will continue to operate as a Botswana-based wholly-owned subsidiary of the group.

Botswana, South Africa, Zimbabwe, Econet Global