Econet considering USD1bn UK share sale

27 Nov 2017

African telecoms group Econet is considering a UK share listing next year which could value the firm at up to USD8 billion. Bloomberg reports that the group plans to raise USD1 billion from an initial public offer (IPO) in London, with a possible secondary listing in South Africa. The funds are likely to be used for acquisitions, with Econet already in the hunt for the African assets of Luxembourg-based Millicom group in Tanzania, Chad, Ghana and Rwanda. Econet Group’s current operations include Zimbabwe’s largest cellco by subscribers, Econet Wireless, and the pan-African Liquid Telecom business.