Telecom Namibia acquires Leo

State-owned telco, Telecom Namibia, acquires struggling operator Powercom
Namibia's state-run operator has acquired the country's struggling second operator, Powercom.
Namibia's state-run operator has acquired the country's struggling second operator, Powercom.


Namibia’s state-owned fixed-line operator, Telecom Namibia Ltd, has acquired the country’s struggling second operator, Powercom.

The terms and value of the deal were not disclosed but local Nambian publication, New Era, said that it had received confirmation of the deal from Telecom Namibia chairman, Joseph Iita.

Last week, Reuters reported that Telecom Namibia was in “advanced” talks to buy Powercom, the country’s second-biggest wireless operator.

Oiva Angula, a spokesman for Telecom Namibia, said last week that negotiations for the were still on-going, the report added.

"It's our serious intention to acquire 100% of Powercom, but it is not a done deal yet. There are still legal and regulatory issues to sort out," Reuters quoted Angula as saying.

Powercom trades under the brand Leo, and is reported to have been struggling in the past year. The company was acquired by two banks, Investec and Nedbank for $60 million, from Egypt's Orascom Telecom in June.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story