PT Group sells African stake

14 Aug 2007

The Portugal Telecom (PT) Group has agreed to sell off a 22% stake in its new sub-Saharan African holding company. African private equity firm Helios Investment Partners is paying USD171 million for the interest in Africa Holding. As part of the deal, Helios will take over the management of PT’s fixed and mobile operations in Angola, Mozambique, Namibia, Guinea-Bissau, Botswana, Cape Verde and Sao Tome and Principe. PT has pledged USD450 million financing for Africa Holding.