Kenyan operator Safaricom is formally seeking the approval of its shareholders to acquire various assets of Essar Telecom, operator of the Yu mobile network, for USD 69.25 million. Safaricom also wants to fully acquire East Africa Tower Company from Essar for USD 1 million, the Standard reported. Safaricom amended the notice of its annual general meeting slated for 16 September to seek the approval of shareholders for the acquisition. Safaricom's external and corporate affairs director Nzioka said the approval of shareholders is necessary before that of the Communications Authority is sought.
A notice published in newspapers said the acquisition of East Africa Tower Company is part of the transaction through which Safaricom is purchasing various assets of Essar, including the right to use certain spectrum, certain passive infrastructure on the base transmission station towers, various leases and various IT equipment. The Communication Authority has insisted on infrastructure sharing and collocation as the main condition before it approves the deal.
