A French-led consortium won an auction with a $390 million bid to buy 51 percent of Kenya’s troubled state-owned telecommunications company.
The France Telecom-led consortium prevailed over South Africa’s Telkom SA Ltd. and India’s Reliance Communications Ltd. in the bidding for the stake in the government’s latest attempt to privatize Telkom Kenya Ltd.
Telkom SA offered $281 million and Reliance Communications bid $221 million.
“This transaction fits very strongly with France Telecom SA’s strategy of targeted development in fast-growing markets,” France Telecom said in a statement Friday.

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Posted: 11|16|07 at 10:57 pm. Filed under: Auction News.