Orange Quits Kenyan Market; Sells 70% Stake to Helios
Orange has signed a deal to sell its 70 per cent stake in Telkom Kenya, marking the exit of the French firm from the Kenyan market.
The deal was signed with Helios Investment Partners, a private equity investment firm based in South Africa and the finalisation of the binding agreement depends on approval by relevant authorities, Orange said in a statement
Prior to its exit, Orange had embarked on a massive infrastructural expansion to set up 3G services in several parts of the country. The expansion could have exposed the firm to massive debt coupled with failure to innovate on offerings.