Etisalat gains full ownership of AT, plans to boost India stake to 50%

2 Feb 2010

UAE-based telecoms operator Emirates Telecommunications Corporation (Etisalat) has revealed plans to raise its profile in India and Africa by boosting its stake in Indian unit Etisalat DB and buying the rest of its West African venture, Atlantique Telecom (AT). The UAE telco currently holds 44.73% of Etisalat DB, which it acquired for around USD900 million in 2008, and is seeking to raise its stake to 50%, plus one share. Etisalat filed an application in December 2009 to the Indian Foreign Investment Promotion Board (FIPB) to obtain approval to increase its ownership. Meanwhile, Etisalat has bought the remaining 18% of shares in AT, a holding company for telecoms assets in Africa, it did not already own for USD75 million to bring its total shareholding to 100%. Etisalat operates AT as part of a ten-year management contract ending in 2015; the company holds majority stakes in seven operators in Cote d’Ivoire, Benin, Burkina Faso, Gabon, Niger, Togo, and Central Africa Republic.

Côte d'Ivoire, India, Etisalat DB (formerly Swan Telecom), Etisalat UAE, Moov Africa Benin, Moov Africa Cote d'Ivoire, Moov Africa Niger, Moov Gabon, Telecel Faso