LONDON-Middle East wireless carrier Mobile Telecommunications Co. has expanded into Africa with a $3.4 billion acquisition of African wireless carrier Celtel International.
Kuwaiti-based MTC will buy 85 percent of Celtel from its current shareholders, and the remaining 15 percent will be purchased in two years in the all-cash deal.
MTC has operations in Kuwait, Jordan, Lebanon, Iraq and Bahrain. It has a partnership with Vodafone Group plc and uses the Vodafone brand in some markets. Celtel has operations in 13 countries in sub-Saharan Africa.
African is one of the fastest-growing regions in the world for wireless services, and mobile penetrations in most countries are still low.
