Celtel buys stake in Madacom

14 Dec 2005

Celtel, the African wireless holding company of Kuwait’s Mobile Telecommunication (MTC), has acquired a majority stake in Madagascan cellco Madacom. Celtel paid USD97 million to former owner Hong Kong-based Distacom for the stake, the size of which has not been disclosed. Celtel, which is based in the Netherlands, already has operations in 13 African countries. MTC agreed to purchase Celtel in March 2005, in a USD3.4 billion deal to be completed in installments over two years.

Madagascar, Airtel Madagascar, Celtel International