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Portugal Telecom, SGPS, S.A., a Portugal-based communications services company, is one of the eight companies and consortia which have successfully prequalified to participate in the privatization of Zambia Telecommunications Limited (Zamtel).
Zamtel is a Zambia-based provider of information communications technology services.
The eight qualified bidders include Telkom South Africa Ltd., Orascom Telecom Holdings S.A.E/Telecel Globe Limited, Altimo Holdings/Vimpelcom, Libyan LAP Greencom Limited/LAP Green Networks, Telkom SA Limited, UNITEL, Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited.
The prequalified companies and consortia will be invited to participate in the due diligence process, scheduled to commence on November 2, 2009 to December 23, 2009. Before the close of the due diligence process, participants will submit a bid for between 51% and 75% of the equity in Zamtel. The shortlisted bidders for the next phase are expected to be announced on January 11, 2010.
Announcement (September 15, 2009):
Zambia Development Agency (ZDA) has invited bidders to submit applications for pre-qualification to participate in the privatization of Zamtel.
Under the terms of the privatization, the government of Zambia intends to sell a 75% stake in Zamtel. The government also reserves the right to sell part or all of the remaining 25% equity interest in Zamtel through an initial public offering on the Lusaka Stock Exchange.
The conditions to pre-qualify include a minimum of five years of licensed operation in the telecommunications industry, more than three million active subscribers on fixed, mobile or fixed-wireless networks, and a minimum of $250 million shareholders' equity for private entities or, a minimum market capitalization of 500 million for public listed entities.
RP Capital Advisors Limited is acting as financial advisor to ZDA on the transaction.
The closing date for the pre-qualification applications is October 16, 2009 and the qualified bidders will be announced on October 21, 2009.
Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Announced: 2009-10-22
Deal Participants
Target (Company) Zambia Telecommunications Company Limited Acquirer (Company) Portugal Telecom, SGPS, S.A. Vendor (Company) The Government of Zambia
% Acquisition 75%
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