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Etisalat Sells 85 Percent Stake to Millicom
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Etisalat Sells 85 Percent Stake to Millicom
On Friday, it was said that United Arab Emirates telecom operator Etisalat has agreed to sell its 85 percent stake in Zanzibar Telecom Limited (Zantel) to Sweden's Millicom.
Report said in an emailed statement from Etisalat, Zantel which had struggled against larger rivals Vodacom and Bharti Airtel, will have up to $32 million in net current liabilities at close of the deal.
However, Etisalat will receive $1 in cash and Millicom will assume total debt obligations of $74 million under the terms of the agreement which is still subject to regulatory approval by the Tanzanian Communication Regulatory Authority.