Orange confirmed an agreement to sell its 70 per cent stake in Telkom Kenya to Helios Investment Partners for an undisclosed sum.
In a statement, Orange said the move “reflects its constant focus on optimising its portfolio of assets”, before adding “Africa and the Middle East region is a strategic priority for the group”.
Helios emerged as one of a number of bidders attempting to acquire some or all of Orange’s stake in Kenya’s fixed incumbent and third largest mobile operator in September, which has been up for sale for some time. Previous bids for the entity have failed, including one from Vietnam’s Viettel Group at the end of last year.
The French company, which operates in 19 countries across Africa and the Middle East, has previously stated its Kenyan business was under review as part of its strategy to be a top two player in the markets where it operates.
Telkom Kenya had four million mobile customers at the end of June this year, said Orange, with the company lagging behind rival Airtel’s 7 million connections and market leader Safaricom, which has more than 24 million connections according to GSMA Intelligence.
Helios has made numerous investments across Africa, and operates a wide ranging tower business. The company owns towers in Ghana, Tanzania, Democratic Republic of Congo and Congo-Brazzaville.
Orange said finalisation of the deal remains subject to approval from the relevant authorities.