Companies / Nigeria
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Celtel Adds Large Piece To Its African Jigsaw Puzzle
May 2006 | Company Finance AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Kuwait-based MTC Group has formally concluded the transaction to acquire a controlling 65% stake in Nigeria's Vmobile at a cost of US$1.005bn, through their pan-African mobile operator Celtel International. This latest addition to Celtel's operations, which brings its presence in the continent to fifteen markets, is the final jewel in the crown. The operator's absence from one of the most rapidly developing markets in Africa, with BMI forecasting penetration rates to reach 21% by end 2006, rising to 54% by 2010, should see Nigeria rise to become a key contributor in Celtel's subscriber base. According to figures released by MTC