Safaricom purchases 10% stake in TEAMS from cash-strapped yu

3 Dec 2013

Kenyan mobile giant Safaricom has acquired a 10% stake in The East Africa Marine System (TEAMS) submarine cable from rival operator Essar Telecom Kenya (yu), IT News Africa reports. The value of the deal, which raises Safaricom’s stake in the venture to 32.5%, has not been revealed. Essar Telecom Kenya CEO Madhur Taneja commented: ‘The stake was sold to Safaricom in September [for an] undisclosed figure, and the finances from this sale went towards yu’s mobile operations. This bandwidth had always been idle since we acquired it five years ago’.

Kenya, Essar Telecom Kenya (yu), Safaricom