South Africa's Celcom has finalised its acquisition of 50,5% of Nile Com, the exclusive MTN dealer in Uganda. MTN is Uganda's biggest cellular network operator.
Celcom announced today that all outstanding conditions of the acquisition have been met and it will now go ahead.
Nile Com operates seven MTN-branded retail outlets selling mobile telecommunications product and controls 1 200 sub-dealers.
Uganda is expected to present significant growth opportunities in the next few years as, at present, there is only limited mobile telephone penetration within the populationas well as a limited service offering – mainly pre-paid voice and SMS.
In addition, Celcom Group has an option to acquire an additional 15% of the share capital in the new entity, Celcom Uganda, in 2009.