Mar 24, 2017 Last Updated 10:30 AM, Mar 24, 2017

Orange connects Africa to the world via $700m cable

ABN – Orange (NYSE: ORAN) has connected the Benin Republic and the Canary Islands to Nigeria on a US$700 million cable.

Both were connected to the Africa Coast to Europe submarine cable, which was funded by $250 million of the company’s own investment.

The cable reaches from Cotonou in the Benin Republic to Tenerife in the Canary Islands.

These two new stations come as part of the second phase of the submarine cable, which now serves 18 countries.

Mauritania, Senegal, Gambia, Guinea, Sierra Leone, Liberia, Côte d’Ivoire, Benin, Ghana, Nigeria, Equatorial Guinea, Gabon, and São Tomé and Príncipe are all connected by the cable.

Mali and Niger are also connected through a terrestrial extension.

The cable expands broadband internet access in Africa and provides additional capacity to existing national networks.


Orange looks to sell African shares

ABN – Orange SA (NYSE: ORAN) has announced that it still remains open to selling shares in its African and Middle Eastern business.

It has also said that it would be willing to bring in a strategic or financial partner to help manage its operations in the region.

There are more than 250 carriers of Orange products in the region and the company has said that it would be willing to purchase assets if the price was right.

Orange, which currently has a presence in 19 African countries, is hoping to boost its business in the region by 20% by the end of 2018.

Orange regional head Marc Rennard said: "We are not looking at Africa as a place to be less present in. Africa is part of our core business."


Bharti Airtel sells mobile towers

ABN – Bharti Airtel (NSE: BHARTIARTL) has announced the sale of mobile towers in five African countries for US$1.3 billion.

The company is also in the process of selling more towers in a further six nations.

A company spokesperson said: "We would like to inform that as on date, we have completed the sale transactions in five countries while in two, the agreements have lapsed.

“For the balance six, the process is on and we hope to have the finality in the coming few months."

Total proceeds from the transactions are thought to stand at more than $1.3 billion.

Proceeds will be used to reduce the company’s current debt.


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