Orange, Vodafone express interest in Etisalat Nigeria, report says

4 Jul 2017

Two major international telecoms companies have reportedly expressed an interest in acquiring mobile operator Etisalat Nigeria, after talks to restructure the cellco’s debt collapsed. According to a report by local news source Brandish, France’s Orange Group and UK-based Vodafone Group are among five companies that have shown an interest in acquiring a stake in the West African nation’s fourth largest mobile operator by subscribers. Earlier this year Etisalat Nigeria defaulted on a USD1.2 billion loan with a consortium of Nigerian banks, due to currency devaluation. Subsequent discussions between the operator and its lenders did not lead to a resolution on a debt restructuring plan, prompting UAE-based state investment fund Mubadala, which had a 40% stake in Etisalat Nigeria, to pull out of the cellco; Etisalat Group of the UAE is the firm’s other major shareholder, with a 45% stake.

Nigeria, Emerging Markets Telecommunication Services (9mobile), Etisalat Group, Orange Group, Vodafone Group