Axian to acquire additional stake in Free in Senegal
Pan-African group Axian Telecom has signed an agreement to acquire a further 40% equity interest in its joint venture business in Senegal (Free in Senegal).
The pan-African telecom provider announced the deal today, saying after the completion of the transaction, Axian Telecom will own an 80% equity interest in Free in Senegal, allowing it to control and financially consolidate the operations.
Free in Senegal is a provider of telecom services and the company specialises in optical fibre connectivity, 4G mobile networks and online money transfer solutions, catering to individuals and businesses.
In a statement, Axian Telecom says the transaction is subject to customary closing conditions (including the approval of relevant authorities in Senegal).
Hassanein Hiridjee, Axian Telecom chairman, comments:“We are delighted to have agreed this transaction, which will give us control over Free Senegal and allow us to consolidate its operations into the AXIAN Telecom group. We thank our partners for their important role in developing Free in Senegal since 2018 and for their support for this transaction.
"This additional investment reflects our continued confidence in the thriving economy of Senegal and increases our footprint in West African markets. Hand in hand with the strong commitment of all our colleagues in Senegal, we will continue to energise Senegal’s telecommunications ecosystem, focusing on deploying cutting-edge technologies and ensuring a better experience for individuals and businesses.”