Etisalat ups its Africa stake in Atlantique

Emirates Telecommunications Corp (Etisalat) said on Monday it had bought an additional 12 per cent in Atlantique Telecom, raising its stake in the Africa-focused company to 82 per cent.

Atlantique holds majority stakes in seven telecommunications organisations in Africa, including in Niger, Togo and Gabon, Etisalat said in a statement on the bourse website.

It did not give a value for the deal. Etisalat operates Atlantique through a 10-year management contract ending in April 2015. Earlier this month, Etisalat's chairman said the company expected African investments to contribute no less than 25 percent of group revenue in three to four years.

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