News

France Telecom has purchased the 11% stake in Orange Kenya owned by the Dubai-based private equity firm Alcazar Capital, increasing its shareholding to 60%. Orange Kenya was initially held by Orange East Africa, a special purpose vehicle set up by the two companies after they jointly gained a controlling stake in the operator in 2007. As part of the deal, France Telecom also replaced Alcazar’s CEO on the company board.



The Kenyan government’s stake in Orange Kenya was recently cut to 40% as part of a balance sheet restructuring. However, the share might drop to 30% should the Treasury fail to inject KES 2.4 billion (EUR 20 million) before June 2013. If the government fails to contribute the funds, France Telecom will seek additional seats on the company board