Tigo Chad Acquired By Morocco's Maroc Telecom
Moroccan telecommunications operator Maroc Telecom has confirmed that it has acquired the entire share capital of Tigo Chad, after successfully inking a deal with Millicom.
The new acquisition forms a critical part of Maroc Telecom's plan to expand its operations in North Central Africa, while Millicom zooms in on the Latin American market.
Millicom issued a statement saying that Millicom had closed a deal for the sale of its entire operations in Chad to Maroc Telecom.
The transaction will be complete as soon as it receives the approval of the Chadian authorities.
The President of Chad, Idriss Deby met with Maroc Telecom’s Group Chairman Abdeslam Ahizoune on 19 February 2019 to discuss Maroc Telecom's entry into Chad's telecommunications market.
Millicom had already started hinting that it was seeking to exit Chad in 2018, and in July of that year, the media reported that Millicom and Airtel were considering moving out of the country allegedly because of government-ordered service disruptions and the industry's very high tariffs.
In 2017, Chad’s government imposed a new 18% tax on telecom services which reportedly negatively affected operator revenue and customer spend.
Millicom began operations in Chad in 2005 through its subsidiary Tigo. Millicom’s path intersected with that of Maroc Telecom in 2017 when Maroc's former regional director Kamal Okba, became appointed as CEO of Tigo Chad in February that year.
Millicom has also sold off its operations in Rwanda and has signed off a merger in Ghana.
Credit: This article originated from www.itwebafrica.com