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.

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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.
 

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