Digicel Founder May be Buying African Networks
Published on: 28th Nov 2011
Note -- this news article is more than a year old.
The Caribbean and Pacific mobile network operator, Digicel is reported to be making a bid to buy the mobile network assets owned by Libya based Lap Green Networks.
Lap Green is owned by a Libyan state investment fund set up by former dictator Colonel Gaddafi. Denis O'Brien's Digicel Group is reported to be part of a consortium offering USD270 million for the company.
No comment was available from Digicel yesterday but informed sources confirmed the company's involvement in the consortium to The Irish Times.
It's claimed that the deal was actually signed before the overthrow of the former dictator, but has been approved by the current transitional government.
Lap Green Network has operations in Uganda, Rwanda, Niger, Ivory Coast, southern Sudan, Togo, Sierra Leone, Chad and Zambia.
The Zambian government is however currently investigating the sale of a majority stake in Zamtel to Lap Green Networks, and may void the transaction.
O'Brien recently dropped out of bidding to buy a controlling stake in the Irish network, Eircom and may have been weighing which of the two acquisitions would offer the best return.
On the web: The Irish Times