US-listed technology firm IQSTEL has signed a binding memorandum of understanding to acquire a 51% stake in Ghana-based Ultranet Telecom Group, expanding its presence in Africa, the Middle East and Asia.
The companies said on Thursday they expect to finalise the agreement within 60 days, with the transaction targeted to close in the third quarter of 2026. Financial terms were not disclosed, although the companies said it would be IQSTEL's largest acquisition to date.
Based on audited 2025 figures, the proposed acquisition is expected to contribute approximately $130 million in annual revenue and about $4.5 million in net profit, taking IQSTEL's annualised revenue run rate above $500 million.
Under the proposed terms, 60% of the consideration is contingent on Ultranet meeting specific performance targets over the next 24 months.
Ultranet operates in several African markets, including Ghana, Nigeria and Côte d'Ivoire.
Its assets include six exclusive international SMS gateway agreements with African mobile operators, granting sole international SMS routing rights in those markets.
Raymond Oppong-Dapaah, CEO of Ultranet Telecom Group, said: "We were looking for a strategic partner to accelerate our Africa growth and expand into the Middle East and Asia. IQSTEL brings global scale, financial strength, and a strong digital services vision that we believe will take Ultranet to the next level.
"By partnering with IQSTEL, we gain the ability to accelerate larger projects, enter new regions more quickly, and access a much broader international ecosystem."
Leandro Iglesias, CEO of IQSTEL, added: "In this transaction we are expanding our global footprint and operational scale.
"This is more than an acquisition; it is a strategic partnership combining Ultranet's African telecom platform with IQSTEL's global commercial infrastructure, AI capabilities, and digital services vision. Together, we intend to accelerate Ultranet's Africa growth and launch the Ultranet platform into the Middle East and Asia."
Share
