Orascom Telecom has acquired Namibian mobile operator Cell One in a US$59 million cash deal, the Egypt-based operator has announced. The deal was made via Orascom’s Telecel Globe subsidiary, a business unit set-up last year to explore emerging investment opportunities in Africa and Asia. Telecel Globe has paid US$32 million up front with the balance due in January next year. Cell One operates a GSM 900/1800 network in the country.

In a statement, Orascom described Namibia as one of the “wealthiest countries in sub-Saharan Africa” with a GDP per capita of US$5,200. Orascom said that the country has a population of approximately 2.1 million and mobile penetration of just 50 percent at the end of 2008. According to Wireless Intelligence data, Cell One had an estimated 250,000 mobile connections at the end of last year, accounting for around a 19 percent market share. It trails Namibian market-leader MTC.