Final price for MTC expected to top USD160 million

22 May 2006

Portugal Telecom is expected to pay over NAD1 billion (USD160 million) for a 34% stake in Namibia’s Mobile Telecommunications (MTC), according to Steve Motinga, the chairman of MTC’s parent, Namibia Post and Telecom Holdings. Negotiations to finalise the deal started in Windhoek last week. Portugal Telecom won a tender for the stake in late March, beating a rival offer from South Africa’s MTN. In its bid, PT pledged to assist in the technological development of the African cellco and take an active role in the company’s management. MTC has around 410,000 subscribers and a network covering 88% of the population, in a country of 1.9 million inhabitants.

Namibia, Mobile Telecommunications (MTC)