The Orange Group announced Monday that it has signed an agreement with Helios Investment Partners for the sale of its entire 70 per cent stake in Telkom Kenya.
The finalization of the transaction remains subject to approval from the relevant authorities.
Orange paid Sh39 billion ($390 million) for its stake in 2007, aiming to capitalise on what were fast growth rates in the sector. Its plan was to make the firm, then known as Telkom Kenya, profitable and then to take it public in five years.
Telkom had increased its users to 4.0 million in the quarter ended June from 3.7 million in the previous quarter, industry regulator Communications Authority of Kenya reported.
