France owned mobile operator Orange has signed a deal to sell majority stake in Orange Uganda to Africell holding which will be due once relevant authorities give their approval.
Underway is the company’s asset portfolio optimization in Africa and the Middle-East which marks a new step in the Orange Groups asset portfolio optimization strategy which remains priority.
The company had earlier been reported by TMT Finance to have announced plans to exit Uganda having hired Lazard to evaluate the company’s oprions and find its buyer following sale of equally struggling local unit of Warid Telecom to Bharti Airtel.
In its sixth year since establishment today, the company has struggled over the years to break into Uganda’s top two telecom operators; MTN and Bharti Airtel. The company has been alleged to have plans underway to sell the telco in countries where it is not making profit.
Orange Uganda had 620,000 clients as of December 2013